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Commerce and Industry Minister Piyush Goyal has said the proposed free trade agreements with the European Union (EU) and four-nation EFTA group are doable, but they should keep in mind India's concerns as the level of economic development is different. Goyal said the European Union and European Free Trade Association (EFTA) countries need to understand certain very important and significant differences between the two set of regions. 

He stated ‘We are in active dialogue with the EU and EFTA for a free trade agreement... I do believe that both of these are eminently doable and will significantly help us expand our engagement not only in trade in goods services, but also in investments, technology, tourism, innovation, and clean energy.’

India and EFTA states -- Iceland, Liechtenstein, Norway, and Switzerland -- are negotiating a Trade and Economic Partnership Agreement (TEPA) with a view to boost economic ties between the two regions. Negotiations on the agreement were officially launched in January 2008. A total of 13 rounds of negotiations were held until autumn 2013 before the talks were put on hold. Similarly, negotiations on the trade agreement between India and the EU were officially launched in January 2008, but in 2013 talks were put on hold and again resumed in June 2022.