Piyush Goyal discusses TEPA implementation, Swiss pharma investments during Switzerland visit
Bern, June 12
Union Commerce and Industry Minister Piyush Goyal on Friday began his two-day visit to Switzerland with a series of high-level meetings aimed at deepening economic ties and advancing the implementation of the India-European Free Trade Association Trade and Economic Partnership Agreement.
Goyal met Swiss President Guy Parmelin and said the discussions focused on strengthening bilateral economic engagement, investments and strategic cooperation under the trade pact.
In a post on X, Goyal said, "An excellent meeting with Mr. Guy Parmelin, President of the Swiss Confederation."
"Our discussions reaffirmed the strong and enduring partnership between India and Switzerland, with a shared commitment to further strengthening economic engagement, investment flows, and strategic cooperation under the India-EFTA Trade and Economic Partnership Agreement (TEPA)," he added.
The minister also co-chaired a meeting with Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, and representatives of leading Swiss pharmaceutical and biotechnology companies.
Sharing details of the discussions, Goyal said he "began my visit to Switzerland by co-chairing a meeting with Ms. Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, and representatives of leading Swiss pharmaceutical and biotechnology companies."
According to the minister, the meeting focused on expanding cooperation in research, innovation and investments in India's healthcare sector.
"The discussions focused on strengthening collaboration in research and innovation, as well as on new investment opportunities for Swiss pharma companies in India's rapidly growing healthcare and life sciences sector," he said.
Goyal is in Switzerland on June 12-13 as part of efforts to strengthen the India-Switzerland economic partnership and facilitate discussions on the implementation of TEPA.
The Trade and Economic Partnership Agreement between India and the four-member EFTA bloc - Switzerland, Norway, Iceland and Liechtenstein -- was signed on March 10, 2024 and came into force on October 1, 2025. The agreement aims to boost trade, investments and economic cooperation between the two sides.
TEPA marked a significant milestone in India's trade engagement with Europe, as it was India's first trade agreement with the EFTA bloc. The pact is expected to facilitate greater investment flows and create new opportunities for businesses across sectors including manufacturing, services, pharmaceuticals and innovation.
India has steadily expanded its network of free trade agreements in recent years, including pacts with the UAE, Australia and the EFTA countries, while also concluding negotiations on agreements with other major trading partners.
— ANI
Reader Comments
Another trade deal, another photo op. Question is, will this actually benefit small businesses in India or just the big corporate houses? 😕 I hope they included provisions for technology transfer and not just investment in manufacturing. Otherwise it's just Swiss companies making profit in India without much local gain.
Great to see India building deeper ties with EFTA! Swiss pharma companies are world-class – if they invest in R&D in India, our healthcare sector can really transform. Plus, this could help reduce our dependence on China for raw materials. Smart move by the government. 👏
As an expat living in India, I've seen the healthcare sector improve dramatically in recent years. This Swiss partnership could be a game-changer, especially for biotech research. India has the talent, Switzerland has the expertise – a perfect match. Looking forward to seeing concrete projects come out of this.
TEPA was signed in March 2024 – now we're in June 2025 and still discussing implementation? That's over a year. Our bureaucracy needs to speed up! These trade pacts are useless if they remain on paper. I hope Goyal ji is pushing for fast-track clearances for Swiss pharma investments. Time is money, yaar.
My cousin works in a pharma company in Bengaluru, and she says Swiss collaborations are highly sought after because of their quality standards. This could help Indian pharma companies upgrade their manufacturing and get better export access to Europe. Really positive development! 😊
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.