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Commerce Secretary Rajesh Agrawal visited Switzerland earlier this week to review the implementation of the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) and strengthen bilateral trade and investment cooperation between the two countries, according to a release by the Ministry of Commerce & Industry.
The visit, held from May 6-7, focused on "translating TEPA's market-access outcomes into concrete business partnerships, investment commitments and greater industry utilisation," the ministry said in the release. During the visit, the Commerce Secretary held bilateral talks with Helene Budliger Artieda, State Secretary at the Swiss State Secretariat for Economic Affairs (SECO), where both sides "reviewed the progress achieved since TEPA became operational and discussed measures to expand trade and investment, strengthen regulatory cooperation, address non-tariff barriers and promote deeper business linkages," the release stated. The ministry said the Commerce Secretary emphasised the importance of resolving implementation-related issues at an early stage to enable enterprises on both sides to fully utilise the Agreement. Union Commerce and Industry Minister Piyush Goyal addressed the symposium through a video message and highlighted India's expanding trade engagement globally. The minister said that under the leadership of Prime Minister Narendra Modi, India has concluded "nine Free Trade Agreements with 38 developed countries," creating opportunities for "Indian manufacturers, services firms, farmers, fishermen, workers, women, youth, startups, MSMEs and professionals." Goyal further said India's FTAs are aimed at "enhancing quality, competitiveness, supply-chain integration, services mobility, investment flows and market access." He added that the agreements are intended to help Indian businesses "confidently enter high-standard global markets and convert market access into sustained export growth." Highlighting the progress made under TEPA, the minister noted that "new Indian product lines have entered the Swiss market, services trade has gained momentum, and investment interest has strengthened." The release described TEPA as "India's first trade agreement with the EFTA economies and the country's first operational trade arrangement with a European economic bloc." Under the agreement, EFTA has offered "improved market access on 92.2 per cent of its tariff lines, covering 99.6 per cent of India's exports," along with tariff concessions on processed agricultural products, the ministry said. The ministry added that India's exports to Switzerland crossed USD 1.2 billion during FY 2025-26, while services exports to Switzerland stood at USD 6.884 billion in 2024, resulting in a services trade surplus of USD 4.255 billion. During a high-level business roundtable with senior representatives from Swiss companies, discussions focused on increasing investments in sectors such as pharmaceuticals, biotechnology, precision engineering, machinery, medtech, clean energy and advanced manufacturing. The Commerce Secretary invited Swiss and EFTA companies to use TEPA as a platform for "building manufacturing, innovation and technology partnerships in India," the release stated. (ANI)
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