Priyanka Tiwari
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Suspense crime, Digital Desk : Commerce Minister Piyush Goyal conveyed the expected timeline for the implementation of the Swiss portion of the EFTA-India trade agreement to be around October of 2025, while Norway, Liechtenstein, and Iceland have already ratified the deal. Goyal made the announcement during his visit to Switzerland where he also met Swiss Federal Councillor Guy Parmelin.
Completion of Swiss Ratification Process Within Reach
“Switzerland's ratification will take another two and a half months approximately. We're expecting full implementation by October,” Goyal said while speaking to ANI. The EFTA-India agreement was signed on March 10 2024 after 21 rounds of negotiations that started in 2008.
The European Free Trade Association (EFTA) consists of Switzerland, Norway, Iceland, and Liechtenstein, and its purpose is to promote free trade and economic integration.
India Positioned as a Strategic Investment Destination
While addressing over a thousand Swiss businessmen, Goyal spoke about the transformation that India underwent in the last 11 years, particularly focusing on technological advancements, innovation, and the ease of doing business.
He told them that India anticipates up to $100 billion in investments from EFTA nations as part of the trade deal benefits.
“You can find investment opportunities in space, high-precision engineering, food processing, and pharmaceuticals. We have low costs, high skill, and technological collaboration potential,” Goyal stated.
He pointed out that Swiss products face pricing challenges in the global market due to the high cost of production, which makes India an appealing candidate for joint ventures and manufacturing.
Other Ongoing Trade Updates
Goyal gave updates on other trade topics still under discussion:
For the EU, there were three ministerial meetings between May 1 and June 3. Maros Sefcovic, the European Trade Commissioner will be visiting India on June 28–29 for yet another important round.
Progress is being made on trade agreements with Oman and New Zealand, but the ministry has capacity challenges.
A bilateral trade agreement with the United States is projected to be finalized by Fall 2025, following prior commitments from President Trump and PM Modi.
Active negotiations are also underway with Peru and Chile, suggesting that the Commerce Ministry is active in trade discussions on every continent.
