India-EFTA pact to benefit Indian consumers with cheaper seafood, Swiss watches, and industrial goods, says Norwegian Ambassador

The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) has officially come into force from October 1, promising significant benefits for Indian consumers.

The EFTA bloc, which includes Switzerland, Iceland, Norway, and Liechtenstein, has opened up its markets substantially under the pact, offering 92.2% of its tariff lines covering 99.6% of India’s exports. In return, India has offered 82.7% of its tariff lines, covering 95.3% of EFTA exports.

Speaking to CNBC-TV18, May-Elin Stener, Ambassador of Norway to India, said the agreement was “certainly a milestone for us as EFTA countries to enter into this trade agreement with India.” She added that “India is becoming the biggest consumer market in the world. India is the fastest-growing economy, now the fourth biggest in the world. So, for us, this is a crucial agreement, and we're very happy that it's now entering into force.”

Norwegian companies, she noted, are showing strong interest in trading with India. “All EFTA countries have very clear technologies, cutting-edge technologies, in different areas. That means there is complementarity between India and the EFTA countries. From Norway, this is particularly in the field of energy and green energy, and in the maritime space,” Stener said.

The TEPA is expected to have an immediate impact on product pricing for Indian consumers. About 80% of the product lines from EFTA countries to India will have tariffs waived, meaning that around 95% of Norwegian exports to India will be duty-free in the next few years. Stener highlighted the benefits for consumers, saying, “The very good news is that Norwegian salmon will become much cheaper already from October. It is one of the products that will, in frozen form, come down to zero tariffs immediately.”

In addition to seafood, other products such as Swiss watches and machinery used in factories are also expected to become more accessible and affordable. Stener said, “Seafood exporters from Norway are really looking to India, because other seafood products will gradually come down in tariffs and hopefully be cheaper here in India. There are also, of course, other products from EFTA countries, like watches from Switzerland. And then there are a lot of products that we don’t see as consumers, which go into machinery in factories and different types of production.”

With the TEPA now in effect, Indian consumers can look forward to a wider range of products at more competitive prices, while businesses from both sides explore closer trade and investment ties.