Union Commerce Minister Piyush Goyal announced on Wednesday that the Swiss component of the India-EFTA trade agreement is expected to be implemented by October 2025, with the other three member countries—Norway, Iceland, and Liechtenstein—having already ratified the pact.
“Norway, Liechtenstein, and Iceland have ratified the agreement. Switzerland’s ratification process will take another two and a half months. We expect to implement it by October,” Goyal told ANI during his two-day official visit to Switzerland.
Speaking at a business gathering attended by over 1,000 Swiss companies and Swiss Federal Councillor Guy Parmelin, Goyal highlighted India’s transformation over the past 11 years. He emphasized the country’s advancements in technology and innovation, and its potential as a top investment destination.
Urging Swiss businesses to tap into India’s vibrant economy, Goyal said, “We expect investments worth USD 100 billion from EFTA countries under this agreement.” He noted that sectors like space, precision engineering, food processing, and pharmaceuticals offer promising opportunities, particularly with India’s skilled workforce and cost-effective operations.
The India-EFTA negotiations began in 2008 and concluded after 21 rounds, with an agreement reached on March 10, 2024. EFTA (European Free Trade Association) was established in 1960 to promote free trade and economic integration among its four member states.
Goyal explained that Switzerland, due to its high per capita income, faces limitations in marketing its products to countries with lower income levels, making India a reliable and strategic partner.
He also provided updates on other ongoing trade negotiations:
- European Union: Significant progress, with three ministerial-level meetings held between May 1 and June 3. European Commissioner Maros Sefcovic is scheduled to visit India on June 28-29.
- Oman: Talks are advancing well.
- New Zealand: India is keen to conclude the deal swiftly but faces bandwidth issues in the Commerce Ministry.
- United States: Efforts continue toward a bilateral trade agreement by September 2025, a goal committed by leaders during the Trump-Modi era.
- Peru and Chile: Discussions are progressing smoothly.
Goyal concluded by saying the Commerce Ministry is actively engaged in negotiations across all continents, reaffirming India’s growing role in global trade.
