India-EFTA Trade Deal Timely Booster Amid Global Disruptions: Swiss Official
The pact effective today promises $100 billion in investments and enhanced economic ties over 15 years.
The landmark free trade agreement between India and the European Free Trade Association (EFTA) bloc, comprising Switzerland, Norway, Iceland and Liechtenstein, came into force on Wednesday, with Switzerland’s State Secretary for Economic Affairs Helene Budliger calling it a “booster” for bilateral ties and long-term investments.
Under the Trade and Economic Partnership Agreement (TEPA), signed in March last year after 16 years of negotiations, tariffs on 92.2 per cent of Indian product categories will be slashed. The deal also commits EFTA nations to invest USD 100 billion in India over the next 15 years, spanning sectors such as technology, textiles, leather, food products and manufacturing.
Budliger, speaking to PTI, said the pact could not have been more timely, especially amid global trade disruptions triggered by new US tariffs. “It will be like a booster. There is massive interest coming from Switzerland for investing in India. But this is not a reaction to global turbulence — we wanted this for 16 years,” she emphasised.
The agreement takes effect as India faces heightened trade friction with Washington after President Donald Trump imposed 50 per cent tariffs, including an additional 25 per cent duty, on New Delhi’s imports linked to Russian crude. Budliger, however, underlined that TEPA was not opportunistic. “We have a long-standing partnership with India. We felt incredibly proud to be India’s friend and partner,” she said, recalling Commerce Minister Piyush Goyal’s “30-30-30” vision of India becoming a USD 30 trillion economy within 30 years with an average population age of 30.
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The Swiss official also pushed for a bilateral investment protection treaty to further reassure foreign investors, noting that over 330 Swiss companies are already active in India in areas like engineering, precision instruments, pharmaceuticals and chemicals.
With representatives of 40 companies accompanying her to India, Budliger expressed confidence that the USD 100 billion investment target would be achieved within the stipulated timeframe. “Our private sector is very serious about India,” she said, adding that TEPA would significantly deepen cooperation in trade, innovation, skills and regulatory standards between the two sides.
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