Piyush Goyal Strengthens India–Swiss Economic Ties Under New EFTA Agreement

The sessions emphasized aligning Swiss innovation with India’s manufacturing potential, R&D capacity, and skilled talent pool.

In a strategic move to deepen bilateral economic relations, Union Minister of Commerce and Industry Shri Piyush Goyal led a high-powered Indian delegation to Bern, Switzerland, on June 9, 2025. The visit focused on boosting commercial ties under the framework of the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA).

This landmark agreement—signed earlier this year—marked a new era of cooperation between India and EFTA member states (Switzerland, Norway, Iceland, and Liechtenstein), unlocking expanded trade channels, investment corridors, and technology partnerships.

Bilateral Business Engagements: Technology, Innovation, and Market Synergies

Shri Goyal’s visit included in-depth discussions with senior leaders from Switzerland’s foremost enterprises across biotechnology, pharmaceuticals, precision engineering, advanced materials, defence, automation, cybersecurity, and healthcare. The sessions emphasized aligning Swiss innovation with India’s manufacturing potential, R&D capacity, and skilled talent pool.

The Minister extended a compelling invitation to Swiss firms to scale up their presence in India. He emphasized India's rapidly growing economy, supportive investment ecosystem, expanding consumer market, and strong IP protection framework. “India is not just a market; it is a platform for co-creation, innovation, and sustainable global manufacturing,” he said.

The minister highlighted several priority areas ripe for collaboration including:

• Sustainable manufacturing and clean tech

• Joint R&D in biotech and life sciences

• Emerging technologies and digital security

• Aerospace and defence production partnerships

• High-precision manufacturing for global supply chains

He reiterated that Indian regulatory bodies are committed to harmonizing standards and fast-tracking approvals to ease foreign investment and technology transfer.

Sectoral Roundtables: Focused Dialogues for Targeted Cooperation

Two high-level roundtable discussions were convened, supported by the Indian Embassy in Switzerland:

1. Biotech, Pharma & Healthcare Roundtable – India showcased its affordable innovation model, rising R&D capacity, and global leadership in vaccine and generic drug production. Swiss firms, including those in advanced cancer therapies and genomics, expressed interest in leveraging India’s scientific infrastructure for joint ventures.

2. Precision Engineering, Defence & Emerging Tech Roundtable – Discussions centered on Make in India opportunities, localizing component manufacturing, and co-developing next-generation automation, AI, defence electronics, and optical systems for global deployment.

Minister Goyal pointed to India’s designation as a trusted supply chain partner and encouraged Swiss companies to benefit from PLI (Production-Linked Incentive) schemes, SEZ incentives, and technology parks across India.

Institutional Engagement and Professional Diaspora Outreach

Shri Goyal also held an interactive session with members of the Switzerland Chapter of the Institute of Chartered Accountants of India (ICAI). He lauded their role in strengthening bilateral economic ties and commended their global expertise in financial management and auditing.

The Minister called on professionals to act as bridges between Indian and Swiss businesses and to mentor Indian startups expanding globally.

Industry Response: Strategic Alignment with India’s Vision

Swiss companies expressed resounding confidence in India’s trajectory as an innovation-driven economic powerhouse. Many hailed the signing of the TEPA as a game-changer for business certainty and market access. Several firms expressed immediate interest in:

• Setting up R&D centers and manufacturing hubs in India.

• Collaborating on green technologies and waste-to-energy systems.

• Developing cybersecurity infrastructure for smart cities and digital governance.

• Partnering Indian firms to deliver healthcare innovations at scale.

From med-tech startups to industrial giants, Swiss stakeholders consistently described India as a “natural and long-term partner” in their global expansion strategy.

India’s Vision for EFTA Engagement

Minister Goyal emphasized that Invest India’s EFTA Desk stands ready to offer facilitation, policy support, and matchmaking services for potential investors. He underscored India’s readiness to finalize mutual recognition agreements (MRAs) to smoothen regulatory cooperation and accelerate trade.

Looking ahead, the visit solidified the intent on both sides to operationalize TEPA with high ambition, using it as a launchpad for sustainable economic development, inclusive innovation, and strategic interdependence.