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Bilateral merchandise trade between India and Switzerland has continued to grow steadily. In FY 2024-25, total bilateral trade stood at approximately $23.35 billion. India's exports to Switzerland were around $1.47 billion, while imports amounted to about $21.88 billion.
The visit reflects India's continued commitment to deepening economic engagement with Switzerland and the other member countries of the European Free Trade Association.(Bloomberg)NEW DELHI: Commerce and industry minister Piyush Goyal will travel to Switzerland next week to accelerate the implementation of the India-EFTA trade and economic partnership agreement (TEPA), which was signed over two years ago.
During the 12-13 June visit, Goyal will hold high-level discussions with Swiss government officials and leaders of the pharmaceutical industry to boost bilateral trade between the two countries, according to a commerce ministry statement on Thursday.
The visit reflects India's continued commitment to deepening economic engagement with Switzerland and the other member countries of the European Free Trade Association (EFTA)—Norway, Liechtenstein and Iceland. The India-EFTA TEPA is a comprehensive between India and the EFTA nations: Iceland, Liechtenstein, Norway, and Switzerland.
India and the EFTA bloc signed TEPA in March 2024, and the agreement came into force in October 2025, providing a comprehensive framework to enhance trade, investment and broader economic cooperation.
During his stay in Berne, Goyal is scheduled to meet Helene Budliger Artieda, state secretary for economic affairs, and Guy Parmelin, Federal President of Switzerland. He will also hold talks with senior representatives of the Swiss pharmaceutical industry. Discussions are expected to focus on the smooth implementation of TEPA, addressing operational issues, and identifying opportunities to expand bilateral trade, investment and institutional collaboration.
Bilateral merchandise trade between India and Switzerland has continued to grow steadily. In FY 2024-25, total bilateral trade stood at approximately $23.35 billion. India's exports to Switzerland were around $1.47 billion, while imports—primarily comprising pharmaceuticals, machinery, chemicals and precious metals—amounted to about $21.88 billion.
Goyal will be accompanied by senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the ministry of health and family welfare. The visit is expected to contribute significantly to the effective rollout of TEPA and further reinforce the longstanding economic relationship between India and Switzerland.
On the sidelines of the visit, the minister will travel to Zurich to engage with Swiss companies and investors, exploring avenues to strengthen trade and investment flows and foster deeper economic partnerships, the statement added.
Switzerland remains one of India's key trading partners in Europe, particularly in high-value sectors. The TEPA is expected to facilitate greater market access, boost investment flows and help diversify and balance bilateral trade over the medium term.
The visit comes at an important juncture as both sides work towards unlocking the full potential of TEPA, including the agreement's investment commitments and opportunities for deeper economic integration.
About the Author
Harsh Kumar
Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.<br><br>He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.<br><br>An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.<br><br>Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.
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