Trade and Economic Partnership Agreement (TEPA)

India signed a free trade agreement (FTA) with four European countries namely, Iceland, Liechtenstein, Norway, and Switzerland.

The Trade and Economic Partnership Agreement (TEPA) marks the second such full-fledged FTA signed after India’s agreement with the United Arab Emirates.

The goal of the TEPA is reaching $100 billion in investments in India and one million jobs within 15 years.

The TEPA will result in considerable tariff reductions, increased market access, and simplified customs procedures.

For the first time, the FTA also included a chapter on commitments to human rights and sustainable development.