New Delhi, May 8 (IANS) Commerce Secretary Rajesh Agarwal undertook an official visit to Switzerland from May 6-7 to advance the implementation of the India-European Free Trade Association Trade and Economic Partnership Agreement and strengthen India–Switzerland trade and investment engagement, the Ministry of Commerce and Industry said on Friday.
The ministry stated that during the visit, the Commerce Secretary held a bilateral meeting with Helene Budliger Artieda, State Secretary, Swiss State Secretariat for Economic Affairs.
Both sides reviewed the progress achieved since the Trade and Economic Partnership Agreement became operational and discussed measures to expand trade and investment, strengthen regulatory cooperation, address non-tariff barriers and promote deeper business linkages, it added.
The Commerce Secretary also participated in the 55th St Gallen Symposium on May 6.
As part of the programme, he joined the session titled “Networking Dinner @ SQUARE: 200 Days of TEPA – Lessons from the Swiss–Indian Trade Agreement” along with State Secretary Helene Budliger Artieda.
Under the leadership of PM Modi, India has concluded nine Free Trade Agreements with 38 developed countries, creating expanded opportunities for Indian manufacturers, services firms, farmers, fishermen, workers, women, youth, startups, Micro, Small and Medium Enterprises and professionals, Union Minister of Commerce and Industry Piyush Goyal stated in a keynote address through a video message.
The Trade and Economic Partnership Agreement marks a significant milestone in India’s trade engagement strategy.
It is India’s first trade agreement with the European Free Trade Association economies and the country’s first operational trade arrangement with a European economic bloc.
The agreement is expected to support deeper integration of Make in India products into European value chains, with Switzerland serving as an important gateway market, the ministry said.
It also highlighted that under the Trade and Economic Partnership Agreement, the European Free Trade Association has offered improved market access on 92.2 per cent of its tariff lines, covering 99.6 per cent of India’s exports, along with tariff concessions on processed agricultural products.
India’s exports to Switzerland exceeded USD 1.2 billion during FY 2025–26.
India’s services exports to Switzerland stood at USD 6.884 billion in 2024, generating a services trade surplus of USD 4.255 billion, it added.
The statement also mentioned that the Commerce Secretary addressed a high-level Business Roundtable on May 7 with senior representatives from leading Swiss companies and institutions across advanced manufacturing, engineering, technology and financial services sectors.
The discussions focused on opportunities to advance investment and economic cooperation under the Trade and Economic Partnership Agreement.
The visit placed particular emphasis on attracting Swiss investment into sectors such as pharmaceuticals, biotechnology, precision engineering, machinery, machine tools, clean energy, plastics, medical technology and advanced manufacturing, the ministry said.
--IANS
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