NNA - Statement by Amb Noor Rahman Sheikh, Ambassador of India to Lebanon:
The landmark Trade and Economic Partnership Agreement (TEPA) between India and the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) entered into force on 1 October 2025, representing a significant milestone in the trade and economic relations between the parties. India is the fastestgrowing large economy and is on course to become the world’s thirdlargest economy. The EFTA States collectively rank among the global leaders in both merchandise and services trade. Together India and the EFTA States represent a combined GDP of about USD 5.4 trillion, providing the scale for deeper integration.
The TEPA is of particular significance as it incorporates, for the first time in any free trade agreement (FTA) signed by India, a commitment linked to investment and creation of a large number of jobs.
Indeed, under the terms of the Agreement, the EFTA States will aim to increase Foreign Direct Investment (FDI) from their investors in India by US$50 billion within ten years of the Agreement's entry into force, and by a further US$50 billion in the following five years, for a total of US$100 billion over fifteen years. These investment inflows are expected to generate at least one million jobs in India across various sectors.
The agreement is set to deliver substantial and long-lasting benefits, including more resilient and better integrated supply chains, increased trade and investment flows, new job opportunities, and sustained economic growth. It provides enhanced market access and streamlines customs procedures, making it easier for Indian and EFTA businesses to expand their operations into growing markets.
The agreement also aims to facilitate and promote investment opportunities between the Parties, creating an environment for Indian and EFTA businesses to innovate, expand and prosper.
These measures will contribute to achieving the goal of Atmanirbhar Bharat (self-reliant India), as envisioned by Prime Minister Narendra Modi and on the path to become Viksit Bharat, a developed country by 2047.
The India-EFTA agreement is proof that, when it comes to forging mutually beneficial trade relations, India means business.
This also provides a pathway for greater growth in bilateral trade of India with friendly country like Lebanon. At the current pace of growth, it is expected that from the existing annual bilateral trade of about $500 million, it could cross $1 billion in next few years. Lebanon could source more items of their need from India and also enhance exports.
