Swiss President Hails TEPA as a Win-Win for India and Switzerland
Swiss President Guy Parmelin calls the India-EFTA TEPA a win-win model for long-term investment and trade growth.
Swiss Confederation President Guy Parmelin has lauded the India-EFTA Trade and Economic Partnership Agreement (TEPA) as a transformative "win-win" model, predicting it will drive massive bilateral trade and long-term economic synergy between the two nations.
Speaking in New Delhi following high-level delegation talks with Prime Minister Narendra Modi, President Parmelin expressed immense confidence in the landmark pact. Marking the first anniversary of the agreement's implementation, the Swiss leader noted that corporate interest has already seen a "very strong" surge, signaling a robust start to this historic economic partnership.
A Foundation for Structural Economic Growth
President Parmelin emphasized that the TEPA is not merely about reducing import-export tariffs; it is designed to create a deeper, more lasting economic bond. He highlighted that the agreement serves as a catalyst for sustainable growth, job creation, and steady capital flows.
"I assess the implementation of the agreement very positively. Interest by companies in the TEPA has been very strong since its entry into force," Parmelin stated. He noted that the synergy between the two nations is unique: "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."
Modi’s Vision: $100 Billion Investment and 10 Lakh Jobs
Prime Minister Narendra Modi echoed this optimism, describing the TEPA—the first Free Trade Agreement (FTA) India has signed with an economic bloc in Europe—as an ambitious blueprint for mutual prosperity. The agreement involves the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein.
The Prime Minister outlined a massive economic roadmap fueled by this partnership. "With this, we will realise 100 billion dollars investment and 10 lakh direct jobs in India in the next 15 years," Modi announced.
Expanding Market Access and Sectoral Growth
The Prime Minister detailed specific strategies to boost commercial engagement, focusing on two key directions:
- Boosting Indian Exports: Efforts are underway to increase the export of Indian agriculture, pharmaceuticals, textiles, and engineering goods to Switzerland.
- Attracting Swiss Investment: India aims to draw Swiss capital into critical sectors, including biotechnology, life sciences, banking, insurance, food processing, and sustainability.
The TEPA has quickly become a cornerstone of India's broader trade strategy with Europe, specifically aimed at driving technology transfer and high-value industrial investments into India's rapidly expanding manufacturing and services sectors.