India-EFTA Prosperity Summit Marks First TEPA Anniversary with Investment Commitments
The 2nd India-European Free Trade Association (EFTA) Prosperity Summit was held on 7 October 2026 at Bharat Mandapam, New Delhi, marking the first anniversary of the India-EFTA Trade and Economic Partnership Agreement (TEPA) that entered into force on 1 October 2025. The summit brought together President of the Swiss Confederation H.E. Mr. Guy Parmelin, Union Minister Shri Ashwini Vaishnaw, Minister of State Shri Jitin Prasada, Commerce Secretary Shri Rajesh Agrawal, and ministers from Iceland, Liechtenstein, and Norway.
Union Minister Shri Ashwini Vaishnaw projected that India would sustain 6-8% real growth over the next five years, supported by four pillars: public investment in physical, social and digital infrastructure; inclusive growth; manufacturing; and simplification. He highlighted the electronics sector's remarkable expansion, with exports growing eleven-fold and manufacturing seven-fold.
The core investment commitment under TEPA Article 7.1 requires EFTA states to aim for $100 billion foreign direct investment into India over 15 years and facilitate the generation of one million jobs in India. The agreement provides comprehensive framework covering trade, investment, services, technology collaboration, intellectual property, government procurement, and sustainable development.
Market access commitments show EFTA covering 92.2% of its tariff lines (accounting for 99.6% of India's exports) with full coverage of non-agricultural products, while India covers 82.7% of tariff lines (accounting for 95.3% of EFTA exports). The EFTA states collectively import goods and services worth over $500 billion annually, representing significant export opportunities for Indian businesses.
Company participation includes 53 Swiss companies with investment plans across 20 sectors in India, representing the largest business delegation ever to accompany a Swiss President. Approximately 160 Norwegian companies are currently active in India, with Liechtenstein companies contributing to vocational training initiatives.
The summit featured sectoral business-to-business meetings on smart and advanced manufacturing, healthcare and life sciences, blue economy and maritime excellence, and clean energy and climate innovation. Commerce Secretary Agrawal emphasized that the agreement provides predictability for businesses with stable tariffs, enabling long-term investment planning and supply chain development.
Officials called for addressing non-tariff measures to enhance business predictability and ensuring that agreement benefits reach small and medium enterprises and young people in both regions. The Indian government committed to supporting investments and addressing issues faced by businesses and investors.