Goyal to visit Switzerland next week to push for India-EFTA trade pact | Today’s news
NEW DELHI: Commerce and Industry Minister Piyush Goyal will travel to Switzerland next week to expedite the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which was signed more than two years ago.
During the June 12-13 visit, Goyal will hold high-level discussions with Swiss government officials and pharmaceutical industry officials to boost bilateral trade between the two countries, according to a commerce ministry statement on Thursday.
The visit reflects India’s continued commitment to deepen economic ties with Switzerland and other European Free Trade Association (EFTA) member countries – Norway, Liechtenstein and Iceland. TEPA India-EFTA is an aggregate between India and the EFTA States: Iceland, Liechtenstein, Norway and Switzerland.
India and the EFTA bloc signed TEPA in March 2024, and the agreement entered into force in October 2025, providing a comprehensive framework to boost trade, investment and broader economic cooperation.
During his stay in Bern, Goyal is scheduled to meet Helene Budliger Artieda, Secretary of State 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, resolving operational issues and identifying opportunities to expand bilateral trade, investment and institutional cooperation.
Bilateral trade in goods between India and Switzerland is growing steadily. In the fiscal year 2024-25, the total bilateral trade was approximately USD 23.35 billion. India’s exports to Switzerland were around US$ 1.47 billion, while imports – mainly comprising pharmaceuticals, machinery, chemicals and precious metals – were around US$ 21.88 billion.
Goyal will be accompanied by senior officials from the Department of Industrial Promotion and Domestic Trade (DPIIT) and the Ministry of Health and Family Welfare. The visit is expected to contribute significantly to the effective implementation of TEPA and further strengthen the long-term economic relations between India and Switzerland.
On the sidelines of the visit, the minister will travel to Zurich to hold talks with Swiss companies and investors and explore ways to boost trade and investment flows and foster deeper economic partnerships, the statement added.
Switzerland remains one of India’s key trading partners in Europe, especially in high value sectors. TEPA is expected to facilitate better market access, boost investment flows and help diversify and balance bilateral trade in the medium term.
The visit comes at an important time when both sides are working to unlock the full potential of TEPA, including the agreement’s investment commitments and opportunities for deeper economic integration.
