$100 Billion EFTA Investment Can Create 1 Million Jobs: Piyush Goyal
Commerce Minister urges industry to leverage India–EFTA trade pact; highlights rapid progress on India–UK deal
- Piyush Goyal urges industry to utilise India–EFTA Trade and Economic Partnership Agreement
- $100 billion legally binding FDI commitment expected to generate 1 million jobs
- India–UK trade pact progressing quickly toward approval in UK Parliament
- Sensitive sectors like dairy protected; no concessions for GM products
GG News Bureau
New Delhi, 13th March: Union Commerce and Industry Minister Piyush Goyal on Friday urged industry leaders to actively leverage opportunities created under the India–EFTA Trade and Economic Partnership Agreement (TEPA), highlighting the $100 billion legally binding foreign direct investment (FDI) commitment from EFTA nations and its potential to generate one million jobs in India.
Addressing a commemorative session marking two years of the signing of the India–EFTA TEPA, organised by ASSOCHAM via video conference, Goyal described the agreement as a major milestone in India’s economic engagement with Europe.
He said the agreement with the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Liechtenstein and Iceland—represents a unique model in global trade negotiations because it combines a free trade agreement with a legally binding investment commitment.
“This is the first time in global trade history that a trade pact has included a legally binding investment commitment of this magnitude,” Goyal said, adding that the investment pledge is expected to significantly strengthen India’s manufacturing and services ecosystem.
The minister noted that the agreement also contains a safeguard clause allowing India to withdraw certain benefits if the investment commitments are not fulfilled, making it a distinctive framework among international trade agreements.
Highlighting early progress under the pact, Goyal said Iceland has already made an initial investment of $30 million in the fisheries sector in Maharashtra, expressing confidence that more investments from EFTA nations would follow.
He also pointed to rapid developments in India’s trade negotiations with other partners. Referring to the India–UK trade agreement, Goyal said it could become one of the fastest trade pacts cleared by the UK Parliament, following its signing during Prime Minister Narendra Modi’s visit to the United Kingdom.
The minister stressed that trade agreements must move beyond negotiations and translate into actual trade flows, investments, technology partnerships and job creation.
Goyal said the TEPA provides extensive opportunities in sectors such as technology, services, innovation and manufacturing, offering nearly 100 percent market access across EFTA countries for several sectors.
At the same time, he emphasised that the government has safeguarded India’s sensitive sectors in all trade agreements, including agriculture and dairy. He reiterated that no concessions have been granted for genetically modified (GM) products and that the interests of farmers, fishermen and MSMEs have been fully protected.
The minister urged industry bodies such as ASSOCHAM to help connect businesses, entrepreneurs and service providers with the opportunities emerging from the trade agreement.
He also highlighted the establishment of an FTA facilitation desk in West India to assist businesses in identifying partnerships and expanding trade with countries covered under India’s free trade agreements.
Despite global geopolitical uncertainties, Goyal expressed confidence that Indian businesses will benefit from the new trade frameworks and continue to expand their global footprint.
