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In a bid to expedite the realization of goals and targets set under the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), India and Switzerland have emphasized the need for a focused approach to creating an enabling environment. This was the key outcome of the recent bilateral talks between India's Commerce and Industry Minister Piyush Goyal and his Swiss counterpart, Federal Councillor Guy Parmelin, during Goyal's visit to Switzerland.
In a post on social media platform X, formerly Twitter, on July 15, 2024, Goyal said, "Reaffirmed our commitment to tap the full potential of the India-EFTA Trade and Economic Partnership Agreement by:
* Enhancing cooperation between both sides
* Boosting collaboration in priority sectors
* Strengthening our growing economic partnership".
The India-EFTA TEPA, signed on March 10, 2024, in New Delhi, represents a significant milestone in strengthening trade and investment partnerships between India and the EFTA countries, which include Iceland, Liechtenstein, Norway, and Switzerland. The agreement aims to deepen economic ties and foster robust trade relationships, facilitating investment flows and job creation. During their discussions, Goyal and Parmelin reiterated the importance of TEPA as a framework for achieving these ambitious objectives.
According to information shared by the Ministry of Commerce & Industry, Goyal's official visit to Switzerland proved to be highly successful and productive, marked by bilateral delegation-level talks and a working lunch with Minister Parmelin. In addition, the two ministers hosted a joint breakfast meeting with leading figures from Swiss and Indian industries.
During these discussions, both sides recognized the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) as an excellent framework for enhancing trade and investment partnerships. They emphasized a focused approach to creating an enabling environment to expedite achieving TEPA's goals and targets.
The ministers also engaged in fruitful discussions with prominent industry leaders from both countries, encouraging Swiss companies to invest in India’s dynamic market. A 12-member Indian business delegation, organized by the Confederation of Indian Industry (CII), took part in networking opportunities with their Swiss counterparts. Furthermore, Minister Goyal met with CEOs of key Swiss industries with interests in India and had a productive engagement with the Indian diaspora. WTO Director General Ms. Ngozi Okonjo-Iweala also called on the Minister in Zurich.
The visit's primary objectives included discussing the next steps for implementing the historic TEPA, signed on March 10, 2024, in New Delhi, and identifying strategies to achieve the ambitious target of $100 billion in investment and the creation of one million jobs in India by EFTA countries over the next 15 years. Given Switzerland's significant role as India's 20th largest trading partner and 12th largest investor, with over 330 Swiss companies operating in India, this visit was timely. It allowed both nations to review and further deepen their mutually beneficial trade and economic ties through TEPA.
The bilateral talks also provided a platform for reviewing the mutually beneficial trade and economic ties between India and Switzerland. Both sides focused on deepening and enhancing their engagement through TEPA. The visit included a 12-member Indian business delegation, organized by the Confederation of Indian Industry (CII), which participated in business networking sessions with Swiss counterparts. These interactions aimed to foster stronger business connections and explore collaborative opportunities.
Switzerland holds a prominent position as India's 20th largest trading partner globally, with bilateral trade amounting to $21 billion in 2023. Additionally, Switzerland is the 12th largest investor in India, with cumulative Foreign Direct Investment (FDI) of about $10 billion from April 2000 to March 2024. The presence of over 330 Swiss companies in India has resulted in the creation of more than 166,000 jobs, showcasing the substantial economic impact of Swiss investment in the country.
During his visit to Zurich, Minister Goyal held discussions with potential investors, emphasizing the significant investment opportunities in India. These meetings aimed to attract investments and foster partnerships to support India's growth and development. Goyal engaged with leading business figures and representatives from MSC Cargo, discussing potential collaborations and investment opportunities across various sectors.
One of the key highlights of Goyal's visit was his meeting with senior officials from Zurich Airport, including Josef Felder, Chairman of the Board of Directors. The discussions centered on exploring collaboration opportunities to enhance airport infrastructure and advance ancillary air services in India. The focus was on leveraging best practices and innovations from Switzerland to significantly improve the Indian aviation sector, ensuring better connectivity and infrastructure.
Dialogue with WTO Director General
In addition to his engagements with business leaders, Commerce and Industry Minister Goyal also met with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala. Their discussions revolved around ongoing negotiations and the progress made since the 13th Ministerial Conference of the WTO. Goyal highlighted India's commitment to achieving fair and meaningful trade outcomes and ensuring free and equitable trade among member nations.
The visit of Commerce and Industry Minister Piyush Goyal to Switzerland marks a crucial step towards the effective implementation of the India-EFTA TEPA. By creating an enabling environment and fostering strong bilateral ties, both India and Switzerland are poised to achieve the ambitious targets set under the agreement. The focus on attracting investments, enhancing infrastructure, and fostering partnerships is expected to significantly contribute to India's economic growth and development, solidifying its position as a key player in the global trade landscape.
* Enhancing cooperation between both sides
* Boosting collaboration in priority sectors
* Strengthening our growing economic partnership".
The India-EFTA TEPA, signed on March 10, 2024, in New Delhi, represents a significant milestone in strengthening trade and investment partnerships between India and the EFTA countries, which include Iceland, Liechtenstein, Norway, and Switzerland. The agreement aims to deepen economic ties and foster robust trade relationships, facilitating investment flows and job creation. During their discussions, Goyal and Parmelin reiterated the importance of TEPA as a framework for achieving these ambitious objectives.
According to information shared by the Ministry of Commerce & Industry, Goyal's official visit to Switzerland proved to be highly successful and productive, marked by bilateral delegation-level talks and a working lunch with Minister Parmelin. In addition, the two ministers hosted a joint breakfast meeting with leading figures from Swiss and Indian industries.
During these discussions, both sides recognized the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) as an excellent framework for enhancing trade and investment partnerships. They emphasized a focused approach to creating an enabling environment to expedite achieving TEPA's goals and targets.
The ministers also engaged in fruitful discussions with prominent industry leaders from both countries, encouraging Swiss companies to invest in India’s dynamic market. A 12-member Indian business delegation, organized by the Confederation of Indian Industry (CII), took part in networking opportunities with their Swiss counterparts. Furthermore, Minister Goyal met with CEOs of key Swiss industries with interests in India and had a productive engagement with the Indian diaspora. WTO Director General Ms. Ngozi Okonjo-Iweala also called on the Minister in Zurich.
The visit's primary objectives included discussing the next steps for implementing the historic TEPA, signed on March 10, 2024, in New Delhi, and identifying strategies to achieve the ambitious target of $100 billion in investment and the creation of one million jobs in India by EFTA countries over the next 15 years. Given Switzerland's significant role as India's 20th largest trading partner and 12th largest investor, with over 330 Swiss companies operating in India, this visit was timely. It allowed both nations to review and further deepen their mutually beneficial trade and economic ties through TEPA.
The bilateral talks also provided a platform for reviewing the mutually beneficial trade and economic ties between India and Switzerland. Both sides focused on deepening and enhancing their engagement through TEPA. The visit included a 12-member Indian business delegation, organized by the Confederation of Indian Industry (CII), which participated in business networking sessions with Swiss counterparts. These interactions aimed to foster stronger business connections and explore collaborative opportunities.
Switzerland holds a prominent position as India's 20th largest trading partner globally, with bilateral trade amounting to $21 billion in 2023. Additionally, Switzerland is the 12th largest investor in India, with cumulative Foreign Direct Investment (FDI) of about $10 billion from April 2000 to March 2024. The presence of over 330 Swiss companies in India has resulted in the creation of more than 166,000 jobs, showcasing the substantial economic impact of Swiss investment in the country.
During his visit to Zurich, Minister Goyal held discussions with potential investors, emphasizing the significant investment opportunities in India. These meetings aimed to attract investments and foster partnerships to support India's growth and development. Goyal engaged with leading business figures and representatives from MSC Cargo, discussing potential collaborations and investment opportunities across various sectors.
One of the key highlights of Goyal's visit was his meeting with senior officials from Zurich Airport, including Josef Felder, Chairman of the Board of Directors. The discussions centered on exploring collaboration opportunities to enhance airport infrastructure and advance ancillary air services in India. The focus was on leveraging best practices and innovations from Switzerland to significantly improve the Indian aviation sector, ensuring better connectivity and infrastructure.
Dialogue with WTO Director General
In addition to his engagements with business leaders, Commerce and Industry Minister Goyal also met with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala. Their discussions revolved around ongoing negotiations and the progress made since the 13th Ministerial Conference of the WTO. Goyal highlighted India's commitment to achieving fair and meaningful trade outcomes and ensuring free and equitable trade among member nations.
The visit of Commerce and Industry Minister Piyush Goyal to Switzerland marks a crucial step towards the effective implementation of the India-EFTA TEPA. By creating an enabling environment and fostering strong bilateral ties, both India and Switzerland are poised to achieve the ambitious targets set under the agreement. The focus on attracting investments, enhancing infrastructure, and fostering partnerships is expected to significantly contribute to India's economic growth and development, solidifying its position as a key player in the global trade landscape.
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