Switzerland Completes Ratification for India-EFTA Trade Agreement

Switzerland has finalized the ratification process for the India-EFTA Trade and Economic Partnership Agreement (TEPA), setting the stage for this landmark deal to take effect in October. After nearly 16 years of negotiations, the agreement, signed in March, aims to significantly reduce trade barriers and boost investment flows between India and the EFTA member states—Iceland, Liechtenstein, Norway, and Switzerland.

Unlocking Economic Potential

Swiss Ambassador to India Maya Tissafi celebrated the ratification as a "significant milestone" in bilateral relations. The TEPA is projected to attract $100 billion in investments and generate 10 lakh jobs in India over the next 15 years. "The Swiss people have expressed their tacit approval of the agreement," Tissafi remarked, highlighting the absence of a referendum against the pact.

Enhancing Trade and Cooperation

The agreement not only reduces tariffs but also streamlines customs procedures, strengthens intellectual property protections, and establishes a framework for sustainable trade practices. Tissafi emphasized the Swiss government's commitment to implementing TEPA effectively, benefiting Swiss companies eyeing investments in India.

A Growing Economic Partnership

With Swiss investments in India soaring from CHF 551 million in 2000 to CHF 10 billion in 2024, the economic ties between the two nations are stronger than ever. Over 330 Swiss companies operate in India across various sectors, while Indian firms are making their mark in Switzerland in IT, machinery, and pharmaceuticals.

Looking Ahead

The TEPA marks a new chapter in the 77-year-old bilateral relationship between Switzerland and India, covering a wide range of cooperation areas. Recent initiatives like the Swiss-Indian Innovation Platform in Bengaluru aim to foster strategic collaborations between universities and companies from both countries.