Piyush Goyal discusses TEPA implementation, Swiss pharma investments during Switzerland visit

Piyush Goyal discusses TEPA implementation, Swiss pharma investments during Switzerland visit

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 (EFTA) Trade and Economic Partnership Agreement (TEPA). 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)