The India-EFTA trade and economic partnership agreement (TEPA) came into force in October 2025.
It was highlighted by Commerce Secretary Rajesh Agrawal during his visit to Switzerland this week.
The visit (on May 6-7) was aimed at advancing implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) and strengthening India-Switzerland trade and investment engagement.
EFTA (European Free Trade Association) is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland.
During the visit, the Commerce Secretary held a bilateral meeting with Helene Budlige Artieda, State Secretary, Swiss State Secretariat for Economic Affairs.
Both sides reviewed progress since TEPA became operational and discussed ways to expand trade, investment, regulatory cooperation, addressing non-tariff barriers and promoting business linkages.”The Commerce Secretary highlighted the need to address implementation issues early so that enterprises on both sides can make full use of the agreement,” it said.
However, the statement did not disclose the issues.
In a video message, Commerce and Industry Minister Piyush Goyal said India has concluded 9 free trade agreements (FTAs) with 38 developed countries in recent years.
The minister highlighted that within 200 days of TEPA’s implementation, new Indian product lines have entered the Swiss market, services trade has gained momentum, and investment interest has strengthened.
India’s exports to Switzerland exceeded USD 1.2 billion in 2025-2026.
Services exports to Switzerland stood at USD 6.88 billion in 2024, with a surplus of USD 4.25 billion.