Prime Minister Narendra Modi has said that the landmark India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to bring $100 billion in investment to India and generate 1 million direct jobs over the next 15 years, marking a major step forward in India’s economic engagement with Europe.
Speaking during a joint appearance with Swiss President Guy Parmelin, Modi described the agreement as a transformative framework that goes beyond trade and focuses on long-term investment, innovation and employment opportunities. He noted that the pact is expected to strengthen cooperation between India and EFTA member countries — Switzerland, Norway, Iceland and Liechtenstein — while creating new opportunities for Indian businesses and workers.
Modi said Switzerland had played a crucial role in advancing the agreement and thanked Parmelin for supporting stronger bilateral ties. The Prime Minister emphasised that the partnership represents a significant milestone because it is India’s first free trade agreement with a European economic bloc.
“This is India’s first FTA with any economic bloc in Europe,” Modi said. “It is also an ambitious blueprint for investment, innovation, jobs and mutual prosperity.”
According to the Prime Minister, the agreement is projected to attract $100 billion in investment into India during the next decade and a half, while creating around 10 lakh direct jobs across sectors ranging from manufacturing and technology to services and research.
The pact is expected to improve market access, encourage technology transfers and strengthen cooperation in areas such as artificial intelligence, innovation, mobility, clean technology and advanced manufacturing. Analysts believe the agreement could help India attract high-value investments from some of Europe’s most advanced economies.
Modi also highlighted the shared democratic values between India and Switzerland, saying both countries remain committed to working together on global peace, stability and economic growth.
The agreement comes as India continues to expand its network of trade partnerships and seeks to position itself as a key destination for global investment. Officials believe the EFTA pact will strengthen India’s integration with European markets while supporting job creation and long-term economic development.