Union Commerce and Industry Minister Piyush Goyal stated that India and Switzerland have reaffirmed their enduring partnership, focusing on enhancing economic engagement, investment flows, and strategic cooperation under the India-EFTA Trade and Economic Partnership Agreement (TEPA). Goyal shared on social media about his productive meeting with Guy Parmelin, President of the Swiss Confederation, emphasizing the mutual commitment to deepen bilateral economic ties through the TEPA framework.
The discussions between Goyal and Parmelin highlighted the shared determination of both nations to strengthen economic relations and promote cooperation within the TEPA framework. Goyal reiterated the robust and lasting partnership between India and Switzerland, with a joint dedication to bolstering economic ties, investment flows, and strategic collaboration under the TEPA.
India’s efforts to expand trade and investment connections with developed economies through free trade agreements were underscored during the meeting. Goyal emphasized that India’s FTAs aim to foster long-term growth by enhancing global engagement, attracting investments, encouraging innovation, improving quality standards, and generating employment opportunities.
The TEPA with the European Free Trade Association, including Switzerland, Norway, Liechtenstein, and Iceland, was highlighted as a crucial platform for trade, investment, and innovation-driven cooperation between India and the member countries. Goyal mentioned that the EFTA countries have pledged to invest $100 billion in India over a 15-year period and facilitate the creation of one million direct jobs under the agreement.
India is currently in the second year of implementing the TEPA, with active discussions on various investment projects. Goyal emphasized the significance of the investment commitment within the agreement, emphasizing its role in creating a balanced arrangement that benefits both India and its partner countries, while also integrating India more deeply into global trade and value chains.
