New Delhi, Oct. 1 -- The landmark Trade and Economic Partnership Agreement (TEPA) between India and the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) came into force on Wednesday, representing a significant milestone in the trade and economic relations between the parties.

According to the Ministry of Commerce & Industry, India is the fastest-growing large economy and is on track to become the world's third-largest economy. The EFTA States collectively rank among the global leaders in both merchandise and services trade. Together, India and the EFTA States represent a combined GDP of about USD 5.4 trillion, providing the scale for deeper integration.

A high-level event marked the occasion, the Prosperity Summit, held in N...