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India
and Switzerland Review TEPA Implementation, Discuss Measures to Expand Trade
and Investment Cooperation
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Mr.
Piyush Goyal Highlights India’s Expanding Global Trade Partnership
Ø
TEPA
Grants Market Access on 92.2% of EFTA Tariff Lines Covering 99.6% of India’s
Exports; India’s Exports to Switzerland Cross USD 1.2 Billion
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Commerce
Secretary Calls for Sustained India–EFTA Engagement to Drive Exports,
Investments and Technology Partnerships Under TEPA
·
Commerce
Secretary Rajesh Agarwal visited Switzerland from 6–7 May 2026 to advance
implementation of the India–EFTA Trade and Economic Partnership Agreement
(TEPA).
·
The
visit aimed to convert TEPA’s market-access commitments into concrete business
partnerships, investments and greater industry utilization.
·
The
engagement followed discussions in February 2026 between Union Commerce
Minister Piyush Goyal and Swiss President Guy Parmelin
in New Delhi.
·
During
the visit, Rajesh Agarwal held bilateral talks with Helene Budliger
Artieda of the Swiss State Secretariat for Economic Affairs (SECO).
·
Both
sides reviewed TEPA implementation progress and discussed:
o Expansion of trade and investment,
o Regulatory cooperation,
o Resolution of non-tariff barriers,
o Strengthening business linkages.
·
The
Commerce Secretary stressed the need for early resolution of implementation
issues to ensure full utilization of TEPA benefits by businesses.
·
Rajesh
Agarwal participated in the 55th St. Gallen Symposium on 6 May 2026.
·
He
joined a session titled:
o “Networking Dinner @ SQUARE: 200 Days of
TEPA – Lessons from the Swiss–Indian Trade Agreement.”
·
Piyush
Goyal delivered a keynote address via video message.
·
India
has concluded nine Free Trade Agreements with 38 developed countries under
Prime Minister Narendra Modi.
·
India’s
FTAs aim to improve:
o Quality and competitiveness,
o Supply-chain integration,
o Services mobility,
o Investment flows,
o Global market access.
·
The
Minister said TEPA has already helped:
o Introduce new Indian product lines in
Switzerland,
o Expand services trade,
o Increase investment interest.
·
He
highlighted India’s:
o Large consumer market,
o Digital public infrastructure,
o Skilled workforce,
o Expanding manufacturing capabilities.
·
TEPA
is:
o India’s first trade agreement with the
European Free Trade Association economies,
o India’s first operational trade
arrangement with a European economic bloc.
·
The
agreement is expected to integrate “Make in India” products into European value
chains, with Switzerland serving as a gateway market.
·
TEPA
also aims to create opportunities for:
o Farmers,
o Fishermen,
o MSMEs,
o Women and youth,
o Professionals,
o Forest-based communities.
·
Under
TEPA, EFTA offered improved market access on:
o 92.2% of tariff lines,
o Covering 99.6% of India’s exports.
·
The
agreement also includes tariff concessions on processed agricultural products.
·
India
protected sensitive sectors such as dairy and other vulnerable agricultural
products.
·
TEPA
is expected to benefit:
o Maharashtra — grapes,
o Karnataka — coffee,
o Kerala — spices,
o Andhra Pradesh — seafood,
o North Eastern States — horticulture.
·
India’s
exports to Switzerland exceeded USD 1.2 billion in FY 2025–26.
·
India’s
services exports to Switzerland reached USD 6.884 billion in 2024, generating a
services trade surplus of USD 4.255 billion.
·
Rajesh
Agarwal addressed a high-level business roundtable with leading Swiss firms
from:
o Advanced manufacturing,
o Engineering,
o Technology,
o Financial services.
·
Discussions
focused on expanding investment cooperation under TEPA.
·
India
invited Swiss and EFTA companies to invest in sectors including:
o Pharmaceuticals,
o Biotechnology,
o Precision engineering,
o Machine tools,
o Clean energy,
o Plastics,
o Medtech,
o Advanced manufacturing.
·
The
visit concluded with a call for deeper government, business and institutional
engagement to ensure TEPA delivers higher exports, investments, jobs,
technology partnerships and resilient supply chains.
Commerce
Secretary Rajesh Agarwal undertook an official visit to Switzerland from 06–07
May 2026 to advance the implementation of the India–EFTA Trade and Economic
Partnership Agreement (TEPA) and strengthen India–Switzerland trade and
investment engagement.
The
visit focused on translating TEPA’s market-access outcomes into concrete
business partnerships, investment commitments and greater industry utilization.
The visit built upon the high-level engagement held in February 2026, when
Union Minister of Commerce and Industry Mr. Piyush Goyal met H.E. Mr. Guy
Parmelin, President of the Swiss Confederation, in New Delhi and reviewed the
roadmap for taking the agreement from policy framework to commercial delivery.
During
the visit, the Commerce Secretary held a bilateral meeting with Ms. Helene Budliger Artieda, State Secretary, Swiss State Secretariat
for Economic Affairs (SECO). 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 Commerce Secretary emphasized the importance of
resolving implementation-related issues at an early stage to enable enterprises
on both sides to fully utilize the Agreement.
The
Commerce Secretary also participated in the 55th St. Gallen Symposium on 06 May
2026. As part of the programme, he joined the session titled “Networking Dinner
@ SQUARE: 200 Days of TEPA – Lessons from the Swiss–Indian Trade Agreement”
along with State Secretary Ms. Helene Budliger
Artieda.
Union
Minister of Commerce and Industry Mr. Piyush Goyal delivered the keynote
address at the Symposium through a video message. The Minister stated that
under the leadership of Prime Minister Narendra Modi, India has concluded nine
Free Trade Agreements with 38 developed countries, creating expanded
opportunities for Indian manufacturers, services firms, farmers, fishermen,
workers, women, youth, startups, MSMEs and professionals.
Mr.
Goyal underlined that India’s FTAs are aimed at enhancing quality,
competitiveness, supply-chain integration, services mobility, investment flows
and market access. He emphasized that these agreements are intended to help
Indian enterprises confidently enter high-standard global markets and convert
market access into sustained export growth.
Highlighting
the progress achieved within 200 days of TEPA’s implementation, the Minister
noted that new Indian product lines have entered the Swiss market, services
trade has gained momentum and investment interest has strengthened. He further
observed that India’s large consumer market, ongoing reforms, digital public
infrastructure, skilled talent pool and expanding industrial capabilities
provide a strong foundation for long-term partnerships with Switzerland and the
wider EFTA region.
TEPA
marks a significant milestone in India’s trade engagement strategy. It is
India’s first trade agreement with the EFTA economies and the country’s first
operational trade arrangement with a European economic bloc. The Agreement is
expected to support deeper integration of Make in India products into European
value chains, with Switzerland serving as an important gateway market. It also
expands opportunities for farmers and fishermen, forest-based communities,
workers, women and youth, as well as MSMEs and professionals.
Under
TEPA, 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 Agreement is expected to create
opportunities for Indian states across sectors, including Maharashtra in
grapes, Karnataka in coffee, Kerala in spices, Andhra Pradesh in seafood and
the North Eastern States in horticulture. India has also safeguarded sensitive
sectors, including dairy and other sensitive products, to protect farmers’
interests.
India–Switzerland
economic engagement continues to expand on a strong foundation. India’s exports
to Switzerland exceeded USD 1.2 billion during FY 2025–26. India’s services
exports to Switzerland stood at USD 6.884 billion in 2024, generating a
services trade surplus of USD 4.255 billion.
During
a fireside chat with State Secretary Ms. Helene Budliger
Artieda, the Commerce Secretary highlighted India’s evolving economic
landscape, driven by sustained reforms, expanding digital public infrastructure
and a rapidly growing manufacturing base. He emphasized that India’s approach
to trade agreements is aligned with strengthening competitiveness, integrating
industry into global value chains and creating opportunities for enterprises
across sectors, including MSMEs, startups and services providers.
The
Commerce Secretary also addressed a high-level Business Roundtable on 07 May
2026, which brought together senior representatives from leading Swiss
companies and institutions across advanced manufacturing, engineering,
technology and financial services sectors. Discussions focused on opportunities
to advance investment and economic cooperation under TEPA.
The
visit placed particular emphasis on attracting Swiss investment into sectors
such as pharmaceuticals, biotechnology, precision engineering, machinery,
machine tools, clean energy, plastics, medtech and advanced manufacturing. The
Commerce Secretary invited Swiss and EFTA companies to leverage TEPA as a
platform for building manufacturing, innovation and technology partnerships in
India.
The
visit concluded with a call for sustained government-to-government,
business-to-business and institutional engagement. The Commerce Secretary
encouraged greater participation of Swiss and EFTA companies in major trade and
investment events in India and emphasized that the success of TEPA would
ultimately be measured through increased exports, investments, job creation,
technology partnerships and resilient value chains.