Piyush Goyal Strengthens India-Switzerland Trade Ties During Official Visit

Commerce Minister Piyush Goyal's visit to Switzerland included talks with Federal Councillor Guy Parmelin, a joint meeting with industry leaders, and discussions on the India-EFTA Trade and Economic Partnership Agreement. Switzerland is a key trading partner, ranking as India's 20th largest globally.

Commerce and Industry Minister Piyush Goyal embarked on an official visit to Switzerland at the invitation of his Swiss counterpart, Federal Councillor Guy Parmelin. This visit was marked by highly productive engagements, including bilateral talks and a joint breakfast meeting with leading figures from Swiss and Indian industries.

The bilateral discussions with Minister Parmelin underscored the importance of the Trade and Economic Partnership Agreement (TEPA) in strengthening trade and investments. Both sides emphasized the creation of an enabling environment to achieve the ambitious targets set under TEPA. During the breakfast meeting on July 15, the ministers had fruitful discussions with industry captains, encouraging Swiss companies to invest in India's growing market.

Additionally, Minister Goyal interacted with CEOs of Swiss companies interested in the Indian market and had productive engagements with the Indian diaspora. Director General of the WTO, Ngozi Okonjo-Iweala, also met with Goyal in Zurich. A key objective of the visit was to discuss the next steps for the TEPA's implementation, focusing on reaching $100 billion in investments and creating one million jobs in India by EFTA countries over the next 15 years.

Switzerland remains a crucial trading partner, ranking as India's 20th largest globally with bilateral trade amounting to $21 billion in 2023. It is also the 12th largest direct investor in India, with over 330 Swiss companies creating considerable employment. This visit provided an opportunity to review and enhance bilateral trade and economic ties, leveraging the framework of TEPA.

(With inputs from agencies.)