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2024 Year End Review for Department of Commerce.
Dec 27, 2024

India and the European Free Trade Association (EFTA) signed the Trade and Economic Partnership Agreement (TEPA) on 10th March 2024. EFTA countries comprise of Switzerland, Iceland, Norway & Liechtenstein. The TEPA is under the ratification process in the national parliament or legislature of each EFTA country. TEPA marks India's first FTA with an important economic bloc in Europe. Under TEPA, EFTA has committed to promote foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. TEPA is expected to give impetus to "Make in India" and Atmanirbhar Bharat by encouraging domestic manufacturing.

    
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