Switzerland has completed the ratification process for the India-EFTA Trade and Economic Partnership Agreement (TEPA), paving the way for the landmark deal to come into force in October. The pact, signed in March after nearly 16 years of negotiations, aims to significantly reduce trade barriers and enhance investment flows between India and the four EFTA member states — Iceland, Liechtenstein, Norway and Switzerland.Swiss Ambassador to India Maya Tissafi hailed the ratification as a “significant milestone” in bilateral ties and said TEPA is expected to unlock investments worth $100 billion and create 10 lakh jobs in India over the next 15 years, PTI reported. “At midnight yesterday (Swiss time), the referendum deadline for the EFTA-India TEPA officially expired. With no referendum, the Swiss people have expressed their tacit approval of the agreement,” Tissafi said in a social media post. Iceland, Liechtenstein and Norway have already ratified the agreement.“The TEPA paves the way for long-term cooperation between our countries. Apart from reduced tariffs, it will help streamline customs procedures, enhance intellectual property protections and establish a framework for sustainable trade practices,” said Tissafi, quoted PTI.She added that the Swiss government would focus on successfully implementing TEPA to benefit Swiss companies looking to invest in India. “We are partnering with business associations in Switzerland and India and with Indian authorities at the central and state levels. The opening of the EFTA Desk in February is one measure that facilitates investments from EFTA countries in India.”Currently, Switzerland ranks as the 12th-largest investor in India. Swiss investments have increased from CHF 551 million (approximately Rs 5,935 crore) in 2000 to CHF 10 billion (Rs 1,07,736 crore) in 2024.Tissafi noted that while the agreement will be effective from October, “in the specific domain of trade in goods, some categories of products will be subject to progressive dismantling periods, spanning over 10 years in some cases.”More than 330 Swiss companies operate in India across sectors including engineering, precision instruments, chemicals, pharmaceuticals and services. Indian firms, meanwhile, are active in Switzerland in areas such as IT, machinery and pharma.Tissafi also highlighted the broader bilateral relationship, noting that the two countries have shared a robust partnership over 77 years since signing the Treaty of Friendship.“Our multi-sectoral cooperation covers diverse areas, including diplomacy, economy, trade and investment, education, research and innovation, skills development, vocational education and training, development, climate change and disaster-risk reduction, and culture,” she said.Among recent initiatives, she cited the launch of the Swiss-Indian Innovation Platform in Bengaluru in October 2023, aimed at connecting IITs and Swiss universities with top companies from both countries to build strategic innovation collaborations.
