Full Breakdown
India’s Commerce Secretary Advances EFTA Trade Pact in Switzerland
5/11/2026, 8:15:41 PM
Background
The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is India’s first trade deal with the four-nation European bloc (Switzerland, Norway, Iceland, Liechtenstein). Operational since early 2026, TEPA grants improved market access on 92.2 % of tariff lines, covering 99.6 % of Indian exports, and forms part of Prime Minister Narendra Modi’s strategy that already includes nine free-trade agreements with 38 developed countries.
Visit Timeline
- May 6-7 2026 – Commerce Secretary Rajesh Agrawal met Swiss State Secretary Helene Budliger Artieda to review TEPA implementation.
- May 8 2026 – Agrawal concluded a two-day visit with a high-level business roundtable.
- May 9 2026 – India’s Ministry of Commerce & Industry issued a statement summarising outcomes.
Data
TEPA’s tariff concessions apply to processed agricultural products and improve market access on 92.2 % of lines. Indian exports to Switzerland have crossed USD 1 billion (exact unit unspecified). Services exports to Switzerland reached USD 6.884 billion in 2024, yielding a USD 4.255 billion surplus. The Indian government aims for USD 2 billion of Swiss investment in FY 2025-26.
Official Statements
Commerce Secretary Agrawal stressed early resolution of implementation issues to enable firms on both sides to fully utilise TEPA. Helene Budliger Artieda affirmed the joint review of progress and outlined steps to deepen regulatory cooperation and reduce non-tariff barriers. Union Minister Piyush Goyal, speaking via video at the St. Gallen Symposium, said the pact has already expanded market entry for Indian goods, boosted services trade and attracted investment interest.
Conflicts
The release notes that Indian exports to Switzerland “crossed USD 1,” but does not specify whether the figure represents one billion dollars, another unit, or a particular period, leaving the precise export value unclear.
Quotes
- “new Indian product lines have entered the Swiss market, services trade has gained momentum, and investment interest has strengthened.” — Piyush Goyal, Union Commerce and Industry Minister
- “India has concluded ‘nine Free Trade Agreements with 38 developed countries’, creating opportunities for ‘Indian manufacturers, services firms, farmers, fishermen, workers, women, youth, startups, MSMEs and professionals.’” — Piyush Goyal
- “both sides ‘reviewed the progress achieved since TEPA became operational and discussed measures to expand trade and investment, strengthen regulatory cooperation, address non-tariff barriers and promote deeper business linkages.’” — Rajesh Agrawal & Helene Budliger Artieda
- “the Commerce Secretary invited Swiss and EFTA companies to use TEPA as a platform for ‘building manufacturing, innovation and technology partnerships in India.’” — Rajesh Agrawal
Outlook
Swiss industry leaders highlighted interest in pharmaceuticals, biotechnology, precision engineering, clean energy and advanced manufacturing, signalling deeper Indo-Swiss collaboration. Ongoing roundtables aim to convert TEPA’s market-access provisions into concrete investments, while both governments will monitor progress toward the USD 2 billion investment target.
