EFTA’s offer covers 92.2 per cent of its tariff lines, encompassing 99.6 per cent of India’s exports

India and the European Free Trade Association (EFTA) countries (Switzerland, Norway, Iceland and Liechtenstein) will review the implementation of their Trade and Economic Partnership Agreement (TEPA) at the second India-EFTA Prosperity Summit in New Delhi in October, a year after the pact came into force. The review comes as India’s exports to the four-nation bloc are declining.

India’s goods exports to the bloc fell 10.77 per cent to $1.75 billion in FY26, and the slide has deepened since TEPA took effect on October 1, 2025, with a 22.72 per cent drop to $461.64 million in April-June, the first quarter of FY27. The fall in exports to Switzerland, by far the largest market in the bloc, was sharper.

Imports from the bloc rose 10.99 per cent to $24.9 billion in FY26 but fell 13.09 per cent to $2.93 billion in April-June 2026, mostly due to a fall in gold shipments.

Summit participants

“The participants at the summit, which would include political leaders, senior officials and businesses, are expected to discuss implementation-related issues, including market access and procedural bottlenecks, and ways to expand trade and investment further,” a source tracking the matter said. 

The summit will also look at ways to expand investment towards the $100 billion target that EFTA has committed to promote, and there may be announcements for collaboration in various sectors, the source added.

EFTA’s offer covers 92.2 per cent of its tariff lines, encompassing 99.6 per cent of India’s exports, offering opportunities in sectors like engineering goods, chemicals, textiles and apparel, processed foods, agricultural products and marine products.

Tariff concessions

The Commerce Department has sought detailed inputs from exporters on their experience with TEPA so far. It wants them to flag product-specific market access difficulties, tariff and non-tariff barriers, regulatory requirements, customs delays, documentation and certification requirements, rules-of-origin issues, and any other problems in availing benefits under the agreement, the source added.

“To fully utilise the tariff concessions, Indian exporters need to navigate regulatory requirements, including certification procedures and rules-of-origin requirements,” the source said.

During his visit to Switzerland in May, Commerce Secretary Rajesh Agrawal stressed the need to resolve implementation issues early so that businesses on both sides could fully utilise the agreement.

Published on September 29, 2026