New Delhi, May 8 (IANS) Commerce Secretary Rajesh Agarwal visited Switzerland to advance the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA) and strengthen India–Switzerland trade and investment engagement, it was announced on Friday.
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.
According to Commerce Ministry, the visit focused on translating TEPA’s market-access outcomes into concrete business partnerships, investment commitments and greater industry utilisation.
The Commerce Secretary held a bilateral meeting with 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 emphasised the importance of resolving implementation-related issues at an early stage to enable enterprises on both sides to fully utilise the Agreement.
Agarwal also participated in the 55th St. Gallen Symposium.
Delivering the keynote address at the Symposium through a video message, Commerce and Industry Minister Piyush Goyal said 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.
Goyal underlined that India’s FTAs are aimed at enhancing quality, competitiveness, supply-chain integration, services mobility, investment flows and market access.
He emphasised 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 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.
India–Switzerland economic engagement continues to expand on a strong foundation. India’s exports to Switzerland exceeded $1.2 billion during FY 2025–26. India’s services exports to Switzerland stood at $6.884 billion in 2024, generating a services trade surplus of $4.255 billion.
The visit concluded with a call for sustained government-to-government, business-to-business and institutional engagement.
—IANS
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