New Delhi, May 9 (BNP): Commerce Secretary Rajesh Agarwal concluded an official visit to Switzerland aimed at strengthening bilateral trade and investment ties and accelerating the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA). The visit underscored India’s commitment to deepening economic engagement with Switzerland and the wider European Free Trade Association (EFTA) region.
TEPA represents a major milestone in India’s international trade strategy, marking the country’s first trade agreement with the EFTA bloc and its first operational trade partnership with a European economic grouping. The agreement is expected to unlock new opportunities for businesses, exporters, investors, startups, MSMEs, and professionals across both regions.
During the visit, the Commerce Secretary held bilateral discussions with Helene Budliger Artieda, State Secretary at the Swiss State Secretariat for Economic Affairs (SECO). The meeting focused on reviewing progress made since the agreement became operational and identifying measures to further enhance trade, investment, regulatory cooperation, and business-to-business engagement.
Both sides discussed the importance of addressing implementation-related challenges at an early stage to ensure industries and enterprises can fully utilise the benefits offered under TEPA. Discussions also covered improving market access, reducing non-tariff barriers, and strengthening institutional cooperation to support long-term economic partnerships.
As part of the visit, Rajesh Agarwal also participated in the 55th St. Gallen Symposium, where India’s growing global economic role and trade ambitions were highlighted. In a keynote video address delivered at the symposium, Commerce and Industry Minister Piyush Goyal stated that India has signed nine Free Trade Agreements with 38 developed countries under the leadership of Prime Minister Narendra Modi, creating expanded opportunities across sectors including manufacturing, services, agriculture, fisheries, startups, and MSMEs.
The Minister emphasised that India’s trade agreements are designed to improve competitiveness, strengthen supply chains, encourage investment flows, and provide Indian businesses with greater access to high-value global markets. He noted that these agreements are helping Indian enterprises integrate more effectively into international value chains while supporting sustainable export growth.
Highlighting the early success of TEPA, the Minister observed that within just 200 days of implementation, several new Indian product categories have entered the Swiss market, services trade has gained momentum, and investment interest between the two countries has strengthened considerably.
He further noted that India’s large consumer base, robust digital public infrastructure, skilled workforce, expanding industrial capabilities, and ongoing economic reforms position the country as a reliable long-term economic partner for Switzerland and the broader EFTA region.
TEPA is expected to facilitate deeper integration of “Make in India” products into European value chains, with Switzerland serving as an important gateway for Indian exports into Europe. The agreement is also anticipated to create wider opportunities for farmers, fishermen, forest-based communities, women entrepreneurs, youth, startups, MSMEs, and skilled professionals.
Under TEPA, EFTA countries have provided improved market access on 92.2 per cent of tariff lines, covering nearly 99.6 per cent of India’s exports, along with tariff concessions on processed agricultural products.
India–Switzerland economic relations continue to grow steadily. India’s exports to Switzerland exceeded $1.2 billion during FY 2025–26, while services exports to Switzerland reached approximately $6.88 billion in 2024, generating a strong services trade surplus for India.
The visit concluded with both sides reaffirming their commitment to sustained government-level dialogue, stronger industry collaboration, and deeper economic integration under the India–EFTA partnership framework.
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