India-Switzerland Bilateral Summit Advances EFTA Trade Agreement Implementation
Prime Minister Narendra Modi and the President of Switzerland reaffirmed their commitment to the implementation of the historic Trade and Economic Partnership Agreement between India and the European Free Trade Association (EFTA) countries, which was implemented in October last year with the Swiss President's personal support. This represents India's first Free Trade Agreement with any European economic bloc and serves as an ambitious blueprint targeting $100 billion in investment into India and the creation of 1 million direct jobs over the next 15 years.
Enhanced Market Access and Investment Opportunities
The leaders announced several decisions to increase market access for Indian exports in Switzerland and facilitate bilateral investment. Specifically, these measures will boost exports of Indian agricultural products, pharmaceuticals, textiles, and engineering goods to Switzerland. Concurrently, India will attract new Swiss investments into key sectors including biotechnology, life sciences, banking, insurance, food processing, and sustainability initiatives. These collaborations aim to develop trusted supply chains and reliable global solutions.
Expansion into Strategic Sectors
The partnership identified new opportunities in military exchanges and defence production, alongside agreements to deepen cooperation in nuclear energy. Infrastructure collaboration was highlighted through existing projects including the Varanasi ropeway, Jewar Airport in Noida, and railway and tunnelling projects in mountainous areas. A new agreement on transport, mobility, and infrastructure was signed, with India inviting Swiss infrastructure companies to invest at scale and participate in capacity building, design, and manufacturing.
Science, Technology, and Innovation Cooperation
Science and technology cooperation will be strengthened through new joint research projects in priority areas such as health, clean energy, and space. An agreement with the University of Zurich will build capacity for India's science start-ups. The growing popularity of Yoga and Ayurveda in Switzerland prompted discussions on deepening cooperation in these areas.
Mobility and Future Engagement
The Migration and Mobility Partnership Agreement and Young Professionals Agreement signed during the summit will create new opportunities in Switzerland for Indian students, researchers, professionals, and young people. The partnership will be further advanced through the "Prosperity Summit" with India-EFTA business leaders on October 7, aimed at converting trade and investment promises into concrete outcomes. Switzerland will host the "Geneva AI Summit" next year, building on India's hosting of the world's largest AI Summit in February, with both countries committed to making AI responsible, inclusive, and human-centric.