India–Switzerland Strategic Cooperation to advance under India–EFTA TEPA

Highlighting India’s growth trajectory, Shri Goyal noted that under Prime Minister Shri Narendra Modi’s leadership, India is now the world’s fourth-largest economy, with an estimated GDP of USD 4.51 trillion in 2026. He underscored India’s scale, sustained reform momentum, a large and expanding consumer market, a deepening industrial base, and continued focus on ease of doing business, digitisation, and infrastructure-led competitiveness, which together provide a stable and scalable platform for long-term partnerships. The Minister encouraged greater Swiss investment in India, particularly in sectors where Switzerland has established niche technological strengths. He also underlined India’s role as a reliable global supplier of affordable, high-quality medicines and vaccines, and called for deeper cooperation in R&D, biotechnology, specialty pharmaceuticals, and advanced therapeutics.

The meeting reaffirmed India and Switzerland’s commitment to expand economic and strategic cooperation under the India–EFTA Trade and Economic Partnership Agreement (TEPA). In the context of the AI Impact Summit, both sides noted the need to balance innovation with responsibility, and recognised TEPA as an enabling framework for technology and innovation collaboration, including precision engineering, health sciences, renewable energy, and R&D.

TEPA is India’s first trade agreement with the EFTA economies (Iceland, Liechtenstein, Norway, and Switzerland), which are characterised by high-income markets, exacting standards, and strong demand for quality products and services. It is also India’s first operational trade arrangement with a European economic bloc, complementing our engagements with the European Union and the United Kingdom. The Agreement is expected to support deeper integration of “Make in India” products into European value chains, with Switzerland as an important gateway market, while expanding opportunities across 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% of its tariff lines, covering 99.6% of India’s exports, along with tariff concessions on processed agricultural products. The Agreement is expected to create opportunities across Indian states, including Maharashtra (grapes), Karnataka (coffee), Kerala (spices and seafood), and the North Eastern States (horticulture). India has safeguarded sensitive sectors such as dairy, soya, and coal to protect farmers, MSMEs, and businesses. Sensitivities linked to PLI-supported sectors, including pharma, medical devices, and processed food, have also been addressed. TEPA carries an agreed ambition to facilitate USD 100 billion in investments into India and support the creation of one million direct jobs.

Both sides reaffirmed their commitment to strengthening regulatory cooperation and institutional engagement to realise TEPA’s full potential. Shri Goyal highlighted the dedicated EFTA Desk at Invest India as a facilitation mechanism for Swiss companies seeking to expand their presence in India.

Both leaders expressed confidence that sustained high-level engagement would advance commercial outcomes and contribute to long-term prosperity for both countries.