Piyush Goyal in Liechtenstein to Fast-Track India–EFTA TEPA
Union
Commerce and Industry Minister Piyush Goyal visited Liechtenstein on 7 January
2026 to review the implementation of the India–EFTA Trade and Economic
Partnership Agreement (TEPA) and pitch India as a long-term investment
destination. He met the Hereditary Prince, Prime Minister, Deputy Prime
Minister, and business leaders, including Hilti AG, highlighting India’s growth
story, manufacturing strength and reform momentum.
The visit
underscored India’s commitment to translating TEPA into concrete trade,
investment and manufacturing partnerships. Goyal emphasised India’s position as
the world’s fourth-largest economy and invited Liechtenstein and other EFTA
companies to leverage TEPA to expand manufacturing, innovation and supply-chain
linkages in India. Both sides discussed building resilient value chains amid
global uncertainties.
TEPA,
India’s first FTA with a developed EFTA bloc, aims to facilitate USD 100
billion in investments and create one million direct jobs, with broad market
access while protecting sensitive sectors.
Union
Minister of Commerce and Industry Piyush Goyal undertook an official visit to
Liechtenstein on 7 January 2026. During the visit, the Minister paid a courtesy
call on H.S.H. Hereditary Prince Alois von und zu
Liechtenstein at Vaduz Castle, called on H.E. Ms Brigitte Haas, Prime Minister,
held a meeting with H.E. Ms Sabine Monauni, Deputy Prime Minister and Minister
of Foreign Affairs, Environment and Culture, participated in an interview with
ORF, attended a luncheon hosted by the Deputy Prime Minister; visited Hilti AG
for an interaction with its leadership.
The
first ministerial visit of 2026 reflects India’s commitment to accelerate the
implementation of the India–EFTA Trade and Economic Partnership Agreement
(TEPA) and translate it into sustained trade, investment, and manufacturing
partnerships. The Minister also recalled the Prime Minister Narendra Modi’s
emphasis on India’s constructive role and optimism in the global economy. Prime
Minister Modi has said: “The world is seeing India with a ray of hope amidst
uncertainty” The Minister noted that this sentiment resonates with India’s
approach to partnerships that create real outcomes for businesses, MSMEs,
farmers, fishermen and communities.
TEPA
is India’s first free trade agreement with a developed group of EFTA countries
(Iceland, Liechtenstein, Norway, and Switzerland). It signals the improving
quality of Indian products, the expanding and diversified range of Indian
exports, and a steady strengthening of India’s manufacturing capabilities that
support “Make in India” and “Make for the World”.
The
Minister underlined that TEPA represents a shift to a higher-quality economic
relationship. India’s manufacturing ecosystem is increasingly combining scale,
competitiveness, and reliability for global markets.
In
meetings with the Liechtenstein leadership and business community, the Minister
set out India’s growth story as a stable and scalable base for long-term
partnership. India is today the fourth largest economy, with an estimated GDP
of USD 4.13 trillion in 2025. India offers both scale and reform momentum, a
large and expanding consumer market, a deepening industrial base, and a
sustained focus on ease of doing business, digitisation, and infrastructure-led
competitiveness.
Both
sides also exchanged views on the global business environment. With supply
chains facing disruptions, uncertainties, and sharper volatility, India and
Liechtenstein can combine strengths to offer stability and predictability to
investors and enterprises. India’s scale, talent, and manufacturing depth can
complement Liechtenstein’s specialised industrial capabilities, high-value
innovation, and financial expertise. Together, these can create resilient value
chains and a reliable investment bridge, sending a signal of confidence and
hope in an increasingly unsettled world.
At
Hilti AG, the Minister encouraged stronger industry-to-industry partnerships,
higher value addition, supplier linkages including MSMEs, and an expanded role
for India-based production in global operations. He invited Liechtenstein
companies to use TEPA as a platform to grow their India presence, build
manufacturing and innovation partnerships, and participate in India’s expanding
opportunities across sectors.
The
visit concluded with a call to intensify India–Liechtenstein and wider
India–EFTA engagement in the months ahead. The Minister encouraged greater
participation of EFTA companies in key trade and investment events in India and
invited closer collaboration through business dialogues and delegations. TEPA
carries an agreed ambition to facilitate USD 100 billion in investments into
India and support the creation of one million direct jobs. The EFTA’s market
access offer under TEPA covers 100% of non-agri products
and tariff concession on Processed Agricultural Products
(PAP). Sensitivity related to PLI in sectors such as pharma, medical
devices & processed food etc. have been taken while extending
offers. India’s offer to EFTA covers 82.7% of tariff lines, accounting for
95.3% of EFTA exports. Over 80% of these imports are Gold, with no change in
effective duty on Gold. Sensitive sectors protected, including pharma,
medical devices, processed food, dairy, soya, coal, and sensitive agricultural
products. India looks forward to welcoming more Liechtenstein and EFTA
enterprises to India, translating TEPA into stronger investments, deeper
technology partnerships, and a larger Indian footprint in global trade and
investment flows.