Switzerland has expressed strong confidence in the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), with Swiss President Guy Parmelin stating that the pact is expected to significantly strengthen bilateral trade and investment ties in the years ahead.

Speaking during his visit to India, Parmelin said the agreement, which entered into force in October 2025, has already generated substantial interest among businesses across the EFTA bloc. He described the implementation of TEPA as highly positive and said company engagement with the agreement has been strong since its launch.

According to the Swiss President, the agreement lays the foundations for a deeper and more durable economic partnership by encouraging long-term investment, job creation, innovation and sustainable economic growth in both countries.

Parmelin noted that the investment-focused nature of TEPA creates a mutually beneficial framework. Switzerland brings advanced technologies, specialist expertise, innovation capabilities and a long-term investment outlook, while India offers scale, a rapidly expanding economy, a highly skilled workforce and an increasingly important position in global value chains.

Under the agreement, the EFTA nations comprising Switzerland, Norway, Iceland and Liechtenstein have committed to facilitating investments worth approximately ₹8.3 lakh crore in India over a 15-year period. The initiative has the potential to create one million direct jobs.

Providing an update on progress towards that commitment, Parmelin said Swiss companies have already made or announced investment plans spanning transportation and logistics, financial services, manufacturing, pharmaceuticals, biotechnology, technology and electronics.

He added that these efforts have been reinforced by more than 150 investment promotion and outreach activities carried out by Switzerland and the other EFTA member states since 2024.

The Swiss President said India-Switzerland relations have become increasingly close and dynamic in recent years. He highlighted trade and investment, research and innovation, and sustainable development as key areas where cooperation can be further expanded.

Parmelin described TEPA as both a symbol of the strong collaboration between the two countries and a critical platform for advancing economic engagement over the coming years.

The agreement is regarded as one of India’s most significant trade arrangements with a European economic bloc, providing improved market access, greater investment certainty and enhanced opportunities for business collaboration across multiple high-value sectors.

His remarks come as India and Switzerland seek to broaden their economic and strategic engagement, with both sides exploring new avenues for cooperation in technology, industry and innovation.

Parmelin also identified India as an important partner in the lead-up to the next AI Summit in Geneva in June 2027. He expressed optimism that growing people-to-people connections would complement expanding commercial ties and further strengthen the overall relationship between the two countries.

ANI