The India-EFTA partnership, one plus one equals three
The Trade and Economic Partnership Agreement (TEPA) between India and EFTA states has moved beyond simple tariff reductions to focus on long-term industrial and technological collaboration. The partnership leverages Icelandic expertise in geothermal energy and carbon capture to support India's agricultural development and net-zero climate goals.
Why it matters
This agreement represents a shift in international trade policy toward investment-led partnerships that prioritize job creation and sustainable technology transfer over traditional market access.
On October 1, 2025, the Trade and Economic Partnership Agreement (TEPA) between India and the four European Free Trade Association (EFTA) states — Iceland, Liechtenstein, Norway and Switzerland — entered into force. One year on, the more useful question is not how many tariff lines have fallen, but what kind of partnership the agreement is making possible.
The tariff figures are substantial. EFTA states have offered concessions on 92.2% of their tariff lines, covering 99.6% of the value of India’s exports to them. India, in turn, is granting concessions on 82.7% of its tariff lines, covering 95.3% of the value of EFTA’s exports. Few market-opening exercises between India and a group of developed economies have been this ambitious.
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