Piyush Goyal Invites Swiss Investment In Niche Technologies, Pharmaceuticals & Advanced Therapeutics

New Delhi, Feb 20 (KNN) Commerce and Industry Minister Piyush Goyal held a high-level meeting with Guy Parmelin, President, Swiss Confederation, in New Delhi on Thursday with the discussion focused on translating market-access gains under the India–EFTA Trade and Economic Partnership Agreement (TEPA) into concrete business partnerships and investment commitments.

TEPA is India’s first trade agreement with the EFTA bloc — Iceland, Liechtenstein, Norway and Switzerland — and its first operational trade arrangement with a European economic grouping, complementing engagements with the European Union and the United Kingdom. 

Goyal invited greater Swiss investment, particularly in sectors where Switzerland has niche technological capabilities. 

He also underlined India’s position as a reliable global supplier of affordable medicines and vaccines, and called for deeper cooperation in R&D, biotechnology, specialty pharmaceuticals and advanced therapeutics.

TEPA as Framework for Strategic Cooperation

Both sides reaffirmed their commitment to expanding economic and strategic ties under TEPA. In the context of the AI Impact Summit, they stressed balancing innovation with responsibility and recognised TEPA as a platform for collaboration in precision engineering, health sciences, renewable energy and research and development.

The agreement is expected to integrate ‘Make in India’ products into European value chains, with Switzerland serving as a gateway market, while benefiting farmers, fishermen, forest communities, MSMEs, professionals, women and youth.

Market Access and Safeguards

Under TEPA, EFTA has granted improved market access on 92.2 per cent of tariff lines, covering 99.6 per cent of India’s exports, including concessions on processed agricultural products. 

Opportunities are expected across states such as Maharashtra (grapes), Karnataka (coffee), Kerala (spices and seafood) and the North Eastern states (horticulture).

India has safeguarded sensitive sectors including dairy, soya and coal, and addressed concerns relating to PLI-supported sectors such as pharmaceuticals, medical devices and processed food. 

TEPA carries an ambition to facilitate USD 100 billion in investments and create one million direct jobs.

(KNN Bureau)