Trade and Economic Partnership Agreement between India and the States of the European Free Trade Association

The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association States ("EFTA"), involving Iceland, Liechtenstein, Norway and Switzerland), was signed on 10 March 2024. The agreement has yet to come into force.

It covers most industrial products across HS sectors 25 through 97 including most energy products and its constituents including but not limited to: 

• Electric motors, turbines and generators; 
• Mechanical equipment including pumps, appliances, and other advanced machinery; 
• Electric accumulators, transformers, capacitors, batteries; 
• Motor vehicles; 
• Mineral ore, slag and ash; 
• Mineral fuels, oils and other products; 
• Metals and their articles e.g. iron and steel; 
• Semiconductors devices and photovoltaic cells; 

Rules of origins apply. Conditions for a good to qualify for the preferential tariff treatment include but are not limited to the following: 

• For mineral ores, slag and ash, it requires i. manufacturing materials to undergo changes through production process and value of all the manufacturing materials used does not exceed 60 % of the ex-works price of the product
• For most of the remaining products listed above, it requires that i. manufacturing from non-originating materials except the product itself or ii. value of all the manufacturing materials used does not exceed 50-60 % of the ex-works price of the product

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