Piyush Goyal’s Visit to Switzerland Advances India-EFTA Trade and Economic Partnership

On 15 July, Shri Goyal and Minister Parmelin held a jGuy Parmelinoint breakfast meeting with leading figures from Swiss and Indian industries.

Commerce and Industry Minister Shri Piyush Goyal recently concluded a highly successful official visit to Switzerland at the invitation of his Swiss counterpart, Federal Councillor Mr. Guy Parmelin. The visit featured a series of productive engagements, including bilateral talks, industry meetings, and interactions with the Indian diaspora.

During bilateral talks with Minister Parmelin, both sides affirmed that the Trade and Economic Partnership Agreement (TEPA) provides an excellent framework for enhancing trade and investment partnerships. The ministers agreed on the need for a focused approach to create an enabling environment to expedite achieving the goals set under TEPA.

On 15 July, Shri Goyal and Minister Parmelin held a joint breakfast meeting with leading figures from Swiss and Indian industries. Shri Goyal encouraged Swiss companies to invest in India's dynamic and growing market. A 12-member Indian business delegation, facilitated by the Confederation of Indian Industry (CII), had the opportunity to network with their Swiss counterparts.

Earlier, Shri Goyal met with Chairman/CEOs of key Swiss industries with business and investment interests in India. He also had a productive engagement with members of the Indian diaspora. Additionally, Director General of the World Trade Organization (WTO), Ms. Ngozi Okonjo-Iweala, called on the Minister in Zurich.

The visit's primary objectives were to discuss the next steps for implementing the historic India-EFTA Trade and Economic Partnership Agreement (TEPA), signed on 10 March 2024 in New Delhi, and to identify strategies for achieving the ambitious target of US$ 100 billion in investment and the creation of one million jobs in India by EFTA countries over the next 15 years as stipulated in the agreement.

Shri Goyal's visit underscored the commitment to strengthening economic ties between India and Switzerland and provided a platform for fostering deeper industrial and trade collaborations.