FTA with Switzerland, Norway, Iceland, Liechtenstein likely to come into effect by Sep 2025: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday said that the Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) is likely to come into effect from September 2025. The Minister kicked off the second leg of his Europe visit with meetings in Bern in Switzerland with global CEOs and industry leaders of the EFTA member country.

India already has an FTA with the EFTA bloc, which also comprises Liechtenstein, Norway, and Iceland. EFTA is yet to formally ratify its Trade and Economic Partnership Agreement (TEPA). While India and Liechtenstein have already ratified the TEPA signed on 10th March 2024, the process in Switzerland is taking longer as it is a direct democracy.

Stating that the Swiss industry is eagerly awaiting the implementation of the FTA with India, the Minister said that he came across appreciation for India’s growth potential and innovation ecosystem during interactions with CEOs of several Swiss pharmaceutical and life sciences companies who are looking to invest in India.

The Minister highlighted India’s manufacturing ecosystem and explored collaboration opportunities during his meeting with CEOs of Swiss SMEs from the precision engineering, machine tools, and advanced manufacturing sectors while pointing to India’s potential to serve as a regional hub for global markets.

The Minister’s schedule also features a meeting with the Swiss Federal Councillor Guy Parmelin along with participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry.

During the official visit from 9th to 13th June, the Minister is later slated to travel to Sweden to co-chair the 21st Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with the Minister for International Development Cooperation and Foreign Trade Benjamin Dousa and will hold a bilateral meeting with the State Secretary to the Minister of Development Cooperation and Foreign Trade Håkan Jevrell.

He will subsequently participate in the India-Sweden Business Leaders’ Round Table and one-on-one meetings with leading Swedish companies in the field of advanced manufacturing, innovation, green technologies, and sustainable solutions. Swedish companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB already have a significant presence as well as interest in enhancing ties with India.