Key Points

"Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland's process will last another two and a half months (or so). It is expected that we will be able to implement this in October," the minister told ANI, during his two-day visit to Switzerland.

On the second day of his visit, he addressed a gathering of over 1,000 Swiss businesses, accompanied by Swiss Federal Councillor Guy Parmelin.

Goyal highlighted India's "remarkable transformation" over the past 11 years in terms of technology, innovation and how the country offers great avenues for doing business.

He also encouraged Swiss industry and businesses to explore unparalleled opportunities for growth and investment in India, leveraging India's skilled and talented workforce and facilitative business ecosystem.

"We expect an investment of USD 100 dollars (into India) to come from these countries, because they have committed under the EFTA," the minister said.

The negotiations between EFTA and India started in 2008, 21 rounds of negotiations were needed to reach an agreement on 10 March 2024, as per EFTA website. EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.

"There is a possibility of investment in many sectors, be it space sectors, high precision engineering or food processing or pharmaceutical. I think that India will be able to take full advantage of the technology that Switzerland has achieved. We have skills and talent. Our expenses are low," he supplemented.

Asserting that Switzerland being a high per capita income country, anything manufactured in that country would be difficult to market them in other countries with relatively lower income.

Against that backdrop, he said, "India will prove to be a very reliable partner for them."

Speaking about other ongoing trade deal negotiations, the minister said that a very good progress has been made with the EU.

"Three round of discussion at ministerial level between May 1 to June 3 have happened, in just thirty to thirty-five days we have met thrice," GOyal said.

"My counter part (Maros Sefcovic, European Commissioner for Trade and Economic Security) is coming down to India on June 28-29, possibly about last second Last round of discussion and teams are discussing from sixteenth onwards in Delhi. Around is going on we have intersessional round through video conferencing very very very active negotiations are underway through," he said.

With Oman, India has made significant progress, he apprised.

"With New Zealand, we wish to conclude quickly, but we have a bandwidth problem, the Commerce Ministry is over stretched," he said.

"We are working with the United States so there was a commitment given to us by Leaders President Trump and Prime Minister Modi have a bilateral trade agreement one by fall (by Sep 2025. Discussions with Peru and Chile are progressing well so effectively the ministry is fully engaged today with discussions with all continents across the world thank you," he concluded.

- ANI