FICCI’s Virtual Interactive Session on India-EFTA TEPA

Monday, 13 April 2026

Remarks by Ambassador Mridul Kumar

Sh. Anant Goenka, President,  

Ms. Jyoti Vij, Director General

Captains of Industry, 

Ladies and Gentlemen

 Namaste.

Thank you FICCI for organizing today’s event.

I also thank all participants for your interest in strengthening India–Switzerland-Liechtenstein economic relations. I look forward to our discussions on how we can fully leverage the India–EFTA Trade and Economic Partnership Agreement (TEPA), which entered into force on 1st October 2025.

TEPA, the first ever FTA by India with any European country,  represents a significant milestone in our trade and economic diplomacy. It reflects our commitment to fostering fair, sustainable, and forward-looking economic partnerships. By reducing tariffs, addressing non-tariff barriers, improving market access, and encouraging investment flows, the agreement creates a strong framework for deeper economic engagement with the EFTA countries.

We are now in the implementation phase of TEPA—one that opens up substantial opportunities for Indian industry in some of the world’s most advanced and high-income markets. EFTA countries are offering market access on over 92% of tariff lines, covering nearly all of India’s exports. This presents a strategic opportunity for Indian businesses to expand their presence in Europe, diversify supply chains, and move up the value chain.

From my experience here for over past three years, I have seen firsthand the strengths of Switzerland and Liechtenstein. These countries have built global reputations for innovation, precision, quality, and economic resilience. From life sciences and precision engineering to advanced finance and research, their success is rooted in technological excellence and long-term vision.

Today, around 330 Swiss companies operate in India across sectors such as pharmaceuticals, engineering, machinery, food processing, and financial services. They have invested over USD 10.8 billion and employ more than 140,000 people. Many of these companies see India not only as a market, but as a base for manufacturing, research, and global operations.

We are also witnessing strong forward momentum. Several Swiss companies are expanding their presence in India, while many more are exploring opportunities to enter the Indian market. They are actively seeking manufacturing partners, technology collaborators, and reliable suppliers for global supply chains.

In one of my recent interactions, the CEO of a Swiss engineering company made an important observation. He said that while India was earlier seen primarily as a large market, it is now increasingly viewed as a partner in innovation and production. This shift is significant. It reflects a broader change in perception—India is now seen as a strategic partner in global value chains.

TEPA has further strengthened this trend by positioning India at the center of supply chain diversification efforts. It offers an opportunity to build more resilient and balanced global supply networks.

In this context, I would encourage Indian industry to view TEPA not merely as a trade agreement, but as a platform for long-term partnerships, technology collaboration, and investment linkages.

Allow me to highlight a few key priorities for our businesses:

First, adopt a strategic approach. Identify sectors and products where tariffs are reduced significantly and align your export strategies accordingly.

Second, focus on value addition. EFTA markets are highly quality-conscious. Competing on cost alone is not sustainable. Emphasis must be placed on quality, innovation, and reliability.

Third, invest in standards and compliance. Regulatory and sustainability standards in these markets are stringent. Compliance should be seen as a necessary investment and a source of competitive advantage.

Fourth, build long-term partnerships. Companies in Switzerland and Liechtenstein value trust, consistency, and transparency. There is strong potential for joint ventures, co-development, and R&D collaboration.

Fifth, strengthen service capabilities. After-sales support, digital integration, and customer engagement will be important differentiators in these markets.

Finally, leverage India’s improving infrastructure and reforms. Advances in logistics, ports, industrial corridors, and digital systems provide a strong foundation for efficient and reliable trade.

Equally important is the opportunity to integrate into European value chains, with EFTA economies acting as a gateway. Indian companies should proactively explore partnerships in areas such as biotechnology, specialty chemicals, renewable energy, advanced manufacturing, and financial services.

As we move forward, the success of TEPA will depend on how effectively we combine competitiveness with compliance, innovation with scale, and ambition with strategic partnerships.

The Embassy stands ready to support Indian businesses in this journey. I encourage all of you to actively engage, explore partnerships, and position your enterprises to benefit from this new phase of India–EFTA economic cooperation.

Thank you.