Goyal to visit Switzerland next week to push India-EFTA trade pact rollout
NEW DELHI: Commerce and industry minister Piyush Goyal will travel to Switzerland next week to accelerate the implementation of the India-EFTA trade and economic partnership
NEW DELHI: Commerce and industry minister Piyush Goyal will travel to Switzerland next week to accelerate the implementation of the India-EFTA trade and economic partnership agreement (TEPA), which was signed over two years ago. During the 12-13 June visit, Goyal will hold high-level discussions with Swiss government officials and leaders of the pharmaceutical industry to boost bilateral trade between the two countries, according to a commerce ministry statement on Thursday. The visit reflects India's continued commitment to deepening economic engagement with Switzerland and the other member countries of the European Free Trade Association (EFTA)—Norway, Liechtenstein and Iceland. The India-EFTA TEPA is a comprehensive between India and the EFTA nations: Iceland, Liechtenstein, Norway, and Switzerland.
Also Read | India, Israel set to resume FTA talks after July India and the EFTA bloc signed TEPA in March 2024, and the agreement came into force in October 2025, providing a comprehensive framework to enhance trade, investment and broader economic cooperation. During his stay in Berne, Goyal is scheduled to meet Helene Budliger Artieda, state secretary for economic affairs, and Guy Parmelin, Federal President of Switzerland. He will also hold talks with senior representatives of the Swiss pharmaceutical industry. Discussions are expected to focus on the smooth implementation of TEPA, addressing operational issues, and identifying opportunities to expand bilateral trade, investment and institutional collaboration. Bilateral merchandise trade between India and Switzerland has continued to grow steadily.
In FY 2024-25, total bilateral trade stood at approximately $23.35 billion. India's exports to Switzerland were around $1.47 billion, while imports—primarily comprising pharmaceuticals, machinery, chemicals and precious metals—amounted to about $21.88 billion. Also Read | Indian officials to visit Russia for talks on EAEU free trade deal Goyal will be accompanied by senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the ministry of health and family welfare. The visit is expected to contribute significantly to the effective rollout of TEPA and further reinforce the longstanding economic relationship between India and Switzerland. On the sidelines of the visit, the minister will travel to Zurich to engage with Swiss companies and investors, exploring avenues to strengthen trade and investment flows and foster deeper economic partnerships, the statement added.
Switzerland remains one of India's key trading partners in Europe, particularly in high-value sectors. The TEPA is expected to facilitate greater market access, boost investment flows and help diversify and balance bilateral trade over the medium term. The visit comes at an important juncture as both sides work towards unlocking the full potential of TEPA, including the agreement's investment commitments and opportunities for deeper economic integration. Also Read | Oman FTA may come into force from June as India eyes $1 tn exports this fiscal
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