India and European Free Trade Association (EFTA) implemented the trade and economic partnership agreement (TEPA) on October 1 last year.
Iceland, Liechtenstein, Norway, and Switzerland are members of the bloc.
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“A notable outcome is that India’s exports of motor cars and other motor vehicles, heavy waters and moulding patterns have grown significantly since the implementation of TEPA. This is just the beginning,” Commerce and Industry Minister Piyush Goyal said in a social media post.
The pact, he said, marks an important milestone in India’s economic engagement with EFTA nations, which have committed to promoting USD 100 billion in investments in India over the next 15 years, helping create 1 million direct jobs.
This will support greater investment, strengthen our manufacturing and services sectors and contribute to sustainable economic growth, he said.
TEPA provides market access on 92.2 percent of tariff lines covering 99.6 percent of India’s exports, including 100 percent of non-agricultural products, while India has safeguarded sensitive sectors such as dairy, soya, coal and sensitive agricultural products.