New Delhi [India], October 5 (ANI): Marking the first anniversary of the India-EFTA Trade and Economic Partnership Agreement (TEPA) entering into force, Swiss Confederation President Guy Parmelin gave a resounding vote of confidence to the economic pact, stating that corporate interest has seen a “very strong” surge and that the agreement will deliver a long-term boost to bilateral trade.
Delivering a joint press statement following delegation-level talks with Prime Minister Narendra Modi, President Parmelin assessed the ground-level implementation of the landmark agreement “very positively,” highlighting that TEPA lays the foundation for a structural economic relationship beyond conventional import-export trade.
“I assess the implementation of the agreement very positively. Interest by companies in the TEPA has been very strong since its entry into force,” President Parmelin said. “I expect that the TEPA will provide a significant boost to bilateral trade between Switzerland and India in the years to come.”
Terming the agreement a “win-win situation” for both nations, the Swiss President outlined how the complementary strengths of the two economies create unique economic synergies.
“With its strong focus on investment, TEPA has the potential to lead to a win-win situation,” Parmelin stated. “Switzerland is home to companies with global reach, specialised technologies, strong innovation capabilities and a long-term approach to investment. India combines scale with a dynamic economy, a highly skilled workforce and an increasingly important role in global value chains.”
Emphasising that the pact goes beyond immediate trade tariff relaxations, the Swiss leader noted that TEPA acts as a catalyst for sustainable growth, job creation, and long-term capital flows.
“Beyond this, I believe that the TEPA helps create conditions for a deeper and lasting economic relationship that encourages long-term investment, creates employment and contributes to innovation and sustainable growth,” Parmelin added.
Meanwhile, Prime Minister Modi highlighted the growing momentum in bilateral relations, particularly following the implementation of the historic Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA).
“First of all, I appreciate his commitment to India-Switzerland relations. In October last year, with his personal support, we implemented a historic trade and economic partnership agreement between India and the European Free Trade Association. This is India’s first FTA with any economic bloc in Europe,” PM Modi said.
“This is also an ambitious blueprint of investment, innovation, jobs and mutual prosperity. With this, we will realise 100 billion dollars investment and 10 lakh direct jobs in India in the next 15 years,” the Prime Minister added.
Underlining steps taken to expand commercial engagements, PM Modi further said, “We have taken several important decisions to enhance market access for India’s exports in Switzerland, and to further facilitate investment between the two countries. This will increase the export of India’s agriculture, pharma, textile, and engineering goods to Switzerland. At the same time, we will attract new Swiss investment in India’s important sectors such as biotech, life sciences, banking, insurance, food processing, and sustainability.”
The India-EFTA TEPA, signed between India and the European Free Trade Association block (comprising Switzerland, Norway, Iceland, and Liechtenstein), has emerged as a core pillar of New Delhi’s trade strategy with Europe, driving technology transfer and high-value industrial investments into India’s expanding manufacturing and services sectors.
Having touched down in India on Monday to undertake a three-day State visit at the invitation of Prime Minister Modi, the Swiss leader’s high-level itinerary centres on enhancing bilateral collaboration across commerce, investment, scientific advancement, technological innovation and workforce mobility.
The Ministry of External Affairs (MEA) noted that President Parmelin is travelling alongside a prominent delegation consisting of senior officials and corporate executives, marking his maiden State visit to India and his second journey to the nation this year, following his participation in the AI Impact Summit in New Delhi in February 2026. (ANI)