In what is being hailed as a ‘watershed moment’ in the bilateral relations, India on Sunday signed Trade and Economic Participation Agreement (TEPA) with European Free Trade Association (EFTA), a four-member group comprising Iceland, Liechtenstein, Norway, and Switzerland.

The landmark agreement was signed by Union Commerce Minister Piyush Goyal, Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research Guy Parmelin, Bjarni Benediktsson, Minister of Foreign Affairs, Iceland, Dominique Hasler, Minister of Foreign Affairs, Liechtenstein, and Jan Christian Vestre, Minister of Trade and Industry, Norway.

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Speaking on behalf of the EFTA Member States at the signing ceremony, Swiss Federal Councillor Guy Parmelin emphasised, “EFTA countries gain market access to a major growth market.”

The signing of the agreement will enhance market access and simplified customs procedures, making it easier for Indian and EFTA businesses to expand their operations in the respective markets, the statement by the Swiss embassy noted.

“The agreement further aims to facilitate and promote investment opportunities between the parties,” it added.

Congratulating the signatories, PM Modi said that the deal is “watershed moment” in the bilateral relations between India and the EFTA countries.

“The culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations is commendable. One of the most pioneering free trade agreements ever concluded between our countries, TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people,” the PM said.

Terming it a win-win situation for all the nations involved in the agreement, Modi further added, “Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations. With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition.”