India-EFTA Prosperity Summit Marks First TEPA Anniversary with Major 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 Guy Parmelin, Union Minister Ashwini Vaishnaw, Minister of State Jitin Prasada, Commerce Secretary Rajesh Agrawal, and ministers from Iceland, Liechtenstein, and Norway.
Under Article 7.1 of TEPA, the EFTA States (Switzerland, Norway, Iceland, and Liechtenstein) have committed to aim for increasing foreign direct investment into India by USD 100 billion over 15 years, with USD 50 billion targeted within the first ten years and an additional USD 50 billion over the subsequent five years. The agreement also aims to facilitate the generation of one million jobs in India within this 15-year timeframe.
Union Minister Ashwini Vaishnaw projected that India would sustain 6-8% real growth over at least the next five years, supported by four pillars: public investment in physical, social and digital infrastructure; inclusive growth; manufacturing; and simplification. He highlighted remarkable growth in the electronics sector, with exports growing eleven-fold and manufacturing expanding seven-fold.
Market access commitments under TEPA are substantial, with EFTA states covering 92.2% of their tariff lines (accounting for 99.6% of India's exports) with full coverage of non-agricultural products. India's commitments cover 82.7% of tariff lines (accounting for 95.3% of EFTA exports). The agreement extends beyond tariffs to cover services, investment, intellectual property, government procurement, and sustainable development.
Significant business presence was noted, with President Parmelin leading the largest business delegation ever to accompany a Swiss President, mentioning 53 Swiss companies with investment plans across 20 sectors in India. Norway's State Secretary Astrid Bergmål reported 160 Norwegian companies active in India. The EFTA states collectively import goods and services worth over USD 500 billion annually, providing substantial market opportunities for Indian exporters.
Commerce Secretary Rajesh Agrawal emphasized that TEPA provides predictability for businesses with stable tariffs, enabling long-term investment planning and supply chain development. He urged Indian companies to partner with EFTA businesses to build value chains and highlighted export opportunities in agriculture where duties on many products have reduced to zero in these high-consumption markets.
The summit included sectoral business-to-business meetings on smart and advanced manufacturing, healthcare and life sciences, the blue economy and maritime excellence, and clean energy and climate innovation. Minister Jitin Prasada committed that the government would leave no stone unturned to support investments and ensure benefits reach small and medium enterprises and young people in both regions.