Piyush Goyal hails $100 billion EFTA investment commitment at TEPA launch, calls deal ‘one of a kind’

Piyush Goyal hails $100 billion EFTA investment commitment at TEPA launch, calls deal ‘one of a kind’

Commerce and Industry Minister Piyush Goyal on Wednesday described the India–EFTA Trade and Economic Partnership Agreement (TEPA) as a “landmark pact” that promises to transform bilateral ties, highlighting the unprecedented $100 billion investment commitment from the European Free Trade Association (EFTA) nations.

Speaking at the launch, Goyal said discussions with EFTA had been in the works for over two decades, making today’s conclusion “a truly historic moment.” He said that the bloc, comprising Switzerland, Norway, Iceland, and Liechtenstein, has even promised an additional $150 billion investment if intellectual property (IP) concerns are resolved, potentially taking the total to $250 billion.

“This is a unique free trade agreement that, for the first time, includes an investment commitment. It reflects mutual trust and ensures a more equitable partnership. The entire population of the EFTA region is less than that of my constituency in Mumbai, yet this agreement carries global weight,” Goyal said.

“While Switzerland sweetens the world with chocolates, India spices it up with chai. Norway offers salmon, India adds masala. Liechtenstein’s financial expertise combined with Indian scale, and Iceland’s geothermal technology with Indian innovation, can capture world markets," he added.

Goyal underlined that TEPA stands out amid global trade uncertainty, calling it “a victory of clarity and certainty in volatile times.” He also identified priority areas for collaboration, including life sciences, clean energy, precision engineering, food processing, shipbuilding, nursing, technology, AI, education, culture, and tourism.

With India’s cost of data at just 3% of US levels and less than 10% of the global average, Goyal said the country could provide one of the most competitive environments for manufacturing and services. He also pointed to opportunities in global capability centres and maritime industries, while noting that over 328 Swiss companies are already operating in India.

“This agreement showcases the aspirations of India’s young population and our commitment to high quality, sustainability, and inclusivity. Together with EFTA, we can set global benchmarks,” he said.