India and the European Free Trade Association (EFTA) are reviewing the progress of their trade agreement as it completes its first year. Swiss Confederation President Guy Parmelin is visiting New Delhi from October 5 to 7 for discussions on the pact and future trade and investment opportunities.

The India-EFTA Trade and Economic Partnership Agreement (TEPA) includes Switzerland, Norway, Iceland and Liechtenstein. The agreement was operationalised last year to strengthen trade and investment ties between India and the four-nation bloc.

However, India’s exports to EFTA have declined since the agreement came into effect. Switzerland, India’s largest trading partner within the bloc, has seen a notable drop in Indian exports. At the same time, India’s imports have increased, mainly due to higher gold imports from Switzerland.

The government, however, highlighted some positive developments. Commerce and Industry Minister Piyush Goyal said exports of motor cars, other motor vehicles, heavy water and moulding patterns have grown significantly over the past year.

India and EFTA are also working on new investment and business collaborations. The government has conducted outreach through Indian missions, EFTA embassies, trade bodies and export promotion councils.

The review is expected to focus on improving the use of the agreement and converting its provisions into stronger trade and investment partnerships.