Piyush Goyal urges industry to leverage India
Union Commerce and Industry Minister Piyush Goyal on Friday urged industry leaders to fully utilise the opportunities created under the India-EFTA Trade and Economic Partnership Agreement (TEPA), highlighting a legally binding $100 billion foreign direct investment (FDI) commitment from EFTA nations and the potential to generate one million jobs in India.
Addressing a commemorative session marking two years of the agreement organised by ASSOCHAM in New Delhi via video conference, Goyal described the pact as a milestone in India’s economic engagement with Europe.
The minister said the agreement with the European Free Trade Association – comprising Switzerland, Norway, Iceland and Liechtenstein – includes a unique legally binding investment commitment that has rarely been seen in global trade agreements.
$100 billion investment pledge
Goyal said the agreement secures a $100 billion investment commitment from the four EFTA countries, aimed at boosting India’s manufacturing and services sectors while supporting job creation.
“This is not merely an announcement or memorandum of understanding. It is a legally binding provision under the agreement and includes the creation of one million jobs in India’s ecosystem,” he said.
The minister added that the agreement also contains a safeguard clause allowing India to withdraw trade benefits if the investment commitments are not fulfilled.
Progress on India-UK trade agreement
Goyal also highlighted rapid progress on the India-UK trade agreement, which he said could become one of the fastest trade deals to be ratified by the UK Parliament.
The agreement was signed during the visit of Prime Minister Narendra Modi to the United Kingdom in July, he said, expressing optimism that it could come into force soon.
Opportunities for industry and services sector
The minister urged Indian industry to move from “deal to delivery” by translating trade agreements into tangible outcomes such as increased exports, investments and technology partnerships.
He noted that the TEPA provides nearly 100 percent market access across EFTA countries and offers significant opportunities for sectors including services, technology and innovation.
Goyal encouraged industry bodies to help connect entrepreneurs, MSMEs, farmers and service professionals with opportunities created under the agreement.
Sensitive sectors protected
At the same time, the minister said the government has safeguarded sensitive sectors in trade negotiations.
He reiterated that dairy and agriculture sectors remain protected, and that genetically modified (GM) products have not been granted concessions or market access under India’s trade agreements.
Initial investments already underway
Goyal also pointed to early investments under the pact, noting that Iceland has already invested $30 million in the fisheries sector in Maharashtra, signalling the beginning of deeper economic engagement.
He said the government has also set up an FTA facilitation desk in western India to help businesses explore opportunities and partnerships with companies in EFTA countries.
Expressing confidence in India’s economic prospects despite global uncertainties, the minister said Indian businesses will benefit significantly by leveraging the country’s expanding network of trade agreements.
