India-Switzerland TEPA review: Rajesh Agarwal visits Bern to boost exports
Synopsis
India's Commerce Secretary flew to Switzerland to move TEPA from paper to practice — a deal covering 99.6% of India's exports to EFTA markets. With services exports already at $6.884 billion and a surplus of $4.255 billion, the real test is whether 200 days of implementation can translate market access into durable export momentum.
Key Takeaways
Commerce Secretary Rajesh Agarwal visited Switzerland to advance TEPA implementation and strengthen India–Switzerland trade ties.
TEPA is India's first trade agreement with the EFTA bloc, covering 99.6% of India's exports across 92.2% of EFTA tariff lines.
India's services exports to Switzerland stood at $6.884 billion in 2024 , generating a surplus of $4.255 billion .
India's goods exports to Switzerland exceeded $1.2 billion in FY 2025–26 .
Commerce Minister Piyush Goyal noted India has signed nine FTAs with 38 developed countries under PM Modi .
Both sides discussed resolving non-tariff barriers and deepening regulatory cooperation within 200 days of TEPA going operational.
Commerce Secretary Rajesh Agarwal visited Switzerland to advance the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA) and strengthen bilateral trade and investment ties, the Commerce Ministry announced on Friday, 9 May 2025. The visit marks a focused push to translate TEPA's market-access provisions into concrete business outcomes, investment commitments and greater industry utilisation.
Background: Why TEPA Matters
TEPA is a landmark in India's trade diplomacy — it is India's first trade agreement with the European Free Trade Association (EFTA) economies and the country's first operational trade arrangement with any European economic bloc. Under the agreement, EFTA has offered improved market access on 92.2% of its tariff lines, covering 99.6% of India's exports, along with tariff concessions on processed agricultural products.
Key Bilateral Meetings and Discussions
Agarwal held a bilateral meeting with Helene Budliger Artieda, State Secretary at the Swiss State Secretariat for Economic Affairs (SECO). Both sides reviewed progress since TEPA became operational and discussed measures to expand trade and investment, strengthen regulatory cooperation, address non-tariff barriers and promote deeper business linkages. Agarwal emphasised the importance of resolving implementation-related issues at an early stage so that enterprises on both sides can fully utilise the agreement.
What Commerce Minister Goyal Said
Commerce and Industry Minister Piyush Goyal delivered the keynote address at the 55th St. Gallen Symposium via video message, where Agarwal also participated. Goyal noted that under the leadership of Prime Minister Narendra Modi, India has concluded nine Free Trade Agreements with 38 developed countries, creating expanded opportunities for Indian manufacturers, services firms, farmers, fishermen, workers, women, youth, startups, MSMEs and professionals. He underlined that India's FTAs are aimed at enhancing quality, competitiveness, supply-chain integration, services mobility, investment flows and market access.
Highlighting progress achieved within 200 days of TEPA's implementation, Goyal noted that new Indian product lines have entered the Swiss market, services trade has gained momentum and investment interest has strengthened.
Trade Numbers: Where India-Switzerland Stand
India's exports to Switzerland exceeded $1.2 billion during FY 2025–26. India's services exports to Switzerland stood at $6.884 billion in 2024, generating a services trade surplus of $4.255 billion. TEPA is expected to support deeper integration of Make in India products into European value chains, with Switzerland serving as an important gateway market.
What Comes Next
The visit concluded with a call for sustained government-to-government, business-to-business and institutional engagement. India's large consumer market, ongoing reforms, digital public infrastructure, skilled talent pool and expanding industrial capabilities are being positioned as the foundation for long-term partnerships with Switzerland and the wider EFTA region. With TEPA still in its early operational phase, the pace at which both sides convert market access into sustained export growth will be the key metric to watch in the months ahead.
Point of View
But the harder work begins now. Non-tariff barriers, regulatory mismatches and low industry awareness of TEPA's provisions have historically blunted the impact of India's FTAs. The 200-day milestone is a political talking point; the real benchmark is whether Indian MSMEs and exporters — not just large corporates — are actually accessing the preferential tariff lines. Switzerland as a gateway to broader European value chains is a credible strategic framing, but it demands consistent follow-through, not just high-level ministerial keynotes.
NationPress
11 May 2026
Frequently Asked Questions
What is the India–EFTA TEPA agreement?
The India–EFTA Trade and Economic Partnership Agreement (TEPA) is India's first trade deal with the European Free Trade Association, covering countries including Switzerland. It grants improved market access on 92.2% of EFTA tariff lines, covering 99.6% of India's exports, along with concessions on processed agricultural products.
Why did Commerce Secretary Rajesh Agarwal visit Switzerland?
Agarwal visited Switzerland to review progress on TEPA implementation and discuss ways to convert market-access provisions into concrete business partnerships, investment commitments and greater industry utilisation. He also met Swiss State Secretary Helene Budliger Artieda to address non-tariff barriers and regulatory cooperation.
What is the current state of India–Switzerland trade?
India's goods exports to Switzerland exceeded $1.2 billion in FY 2025–26. India's services exports to Switzerland stood at $6.884 billion in 2024, generating a services trade surplus of $4.255 billion in favour of India.
What did Commerce Minister Piyush Goyal say at the St. Gallen Symposium?
Goyal, speaking via video message at the 55th St. Gallen Symposium, said India has concluded nine Free Trade Agreements with 38 developed countries under PM Modi. He highlighted that within 200 days of TEPA's implementation, new Indian product lines have entered the Swiss market and investment interest has strengthened.
How does TEPA benefit Indian exporters and MSMEs?
TEPA expands market access for Indian manufacturers, services firms, farmers, fishermen, MSMEs and professionals into EFTA markets. It also supports deeper integration of Make in India products into European value chains, with Switzerland positioned as a key gateway market.
