New Delhi, June 11 (SocialNews.XYZ) Union Minister of Commerce and Industry Piyush Goyal is set to visit Switzerland’s capital Berne from June 12-13 for discussions with senior representatives of the Swiss Government and leaders of the Alpine country’s pharmaceutical industry, according to an official statement issued on Thursday.
The deliberations are expected to focus on the implementation of Trade and Economic Partnership Agreement (TEPA), addressing operational issues arising from the agreement, and enhancing bilateral trade, investment and institutional cooperation.
During the visit, Goyal is scheduled to meet. Helene Budliger Artieda, State Secretary for Economic Affairs, and Guy Parmelin, Federal President of Switzerland. He will also interact with leading representatives of the Swiss pharmaceutical industry, the statement said.
The visit underscores the importance India attaches to its economic engagement with Switzerland and the other EFTA States. India and the EFTA States — Switzerland, Norway, Liechtenstein and Iceland — signed the TEPA in March 2024, which came into force in October 2025. The agreement provides a comprehensive framework for strengthening trade, investment and economic cooperation between the two sides.
On the sidelines of the visit, the minister will engage with Swiss companies and investors in Zurich to discuss opportunities for expanding bilateral trade and investment and to explore avenues for deeper economic collaboration, according to the statement.
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p class="ql-align-justify">Goyal will be accompanied by senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Health and Family Welfare. The visit is expected to support the effective implementation of TEPA and further strengthen the longstanding economic partnership between India and Switzerland, the statement added.
Under TEPA, the European bloc has committed an investment of $100 billion over a period of 15 years which would facilitate the creation of one million direct jobs in India.
The agreement is offering 92.2 per cent of its tariff lines which cover 99.6 per cent of India’s exports to the region. The EFTA’s market access offer covers 100 per cent of non-agricultural products and tariff concessions on some processed agricultural products.
India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of EFTA exports. However, the effective duty on Gold remains untouched. Sensitivity related to PLI in sectors such as pharma, medical devices and processed food, etc. have been taken while extending offers. Sectors such as dairy, soya, coal and sensitive agricultural products are kept in the exclusion list.
The pact will reduce tariffs on specific EFTA goods for Indian consumers, such as Swiss watches, whisky and chocolates.
The agreement includes provisions for mutual recognition of services, allowing professionals in fields like nursing, chartered accountancy, and architecture to work in EFTA countries.
Source: IANS
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