New Delhi, March 12 : Calling the signing of the India-EFTA Trade and Economic Partnership Agreement (TEPA) a "bold achievement", External Affairs Minister S. Jaishankar said on Sunday that the move reflects a new way of furthering international economic collaboration.

India inked the landmark agreement with the four-nation European Free Trade Association (EFTA) in New Delhi to usher in increased trade and investment flows, job creation, and economic growth in the country.

"A great day for India's partnership with Iceland, Liechtenstein, Norway and Switzerland," EAM Jaishankar wrote on X as he congratulated his colleague and Commerce and Industry Minister Piyush Goyal for the pact that had been under negotiations for the last 16 years.

"The India-EFTA Trade & Economic Partnership Agreement (TEPA) signed today is a bold achievement. It reflects a new way of furthering international economic collaboration," the minister added.

On the sidelines of the India-EFTA meeting, S. Jaishankar also met Bjarni Benediktsson, Minister of Foreign Affairs, Iceland.

"Good meeting with FM @Bjarni_Ben of Iceland on India-EFTA meeting sidelines. Discussed new areas of collaboration, investment and trade," the minister said on X.

Speaking at the inaugural session of the 2nd CII India Europe Business and Sustainability Conclave last month, S. Jaishankar underlined that "Europe is truly a priority for India".

Earlier Prime Minister Narendra Modi hailed the pact -- which was formalised three days after the cabinet approved it on March 7 -- as a "watershed moment" for India, Iceland, Norway, Switzerland, and Liechtenstein.