India-Switzerland ties, EFTA economic partnership and multilateral cooperation discussed in New York
New Delhi/New York : External Affairs Minister Dr. S. Jaishankar met Swiss Foreign Minister Ignazio Cassis on the sidelines of the 81st United Nations General Assembly (UNGA81) in New York.
Sharing the update on X, Dr. Jaishankar said the two ministers took stock of India-Switzerland economic ties following the entry into force of the India-EFTA Trade and Economic Partnership Agreement (TEPA). They also discussed global issues and closer multilateral cooperation. (Irish Sun)
Longstanding India-Switzerland partnership
India and Switzerland share longstanding economic, scientific and people-to-people connections. Commercial relations between the two countries date back to the 19th century, while cooperation has expanded over the years into areas including trade and investment, science and technology, education, innovation, infrastructure, climate and environment. (Ministry of External Affairs)
Switzerland is also an important economic partner for India, with bilateral trade reaching approximately USD 26.83 billion in 2024, according to India’s Ministry of External Affairs. (Ministry of External Affairs)
India-EFTA TEPA opens new economic opportunities
The European Free Trade Association (EFTA) comprises Switzerland, Norway, Iceland and Liechtenstein. India and EFTA signed the Trade and Economic Partnership Agreement (TEPA) in March 2024, with the pact designed to expand trade and investment and strengthen economic engagement between India and the four EFTA countries. (Ministry of External Affairs)
A significant feature of TEPA is EFTA’s commitment to USD 100 billion in investment and the creation of 1 million direct jobs in India over 15 years, subject to the agreement’s framework and conditions. The partnership is intended to support investment, manufacturing, technology cooperation and greater integration of Indian and European businesses. (Ministry of External Affairs)
The agreement therefore provides an important new framework for India-EFTA economic cooperation, with Switzerland playing a central role as the grouping’s largest economy.
Focus on multilateral cooperation
The meeting also comes in the context of India’s and Switzerland’s engagement on multilateral issues, including cooperation through the United Nations and other international institutions.
The discussions in New York provided an opportunity for the two ministers to exchange views on current global developments, while exploring closer coordination on issues of common interest and strengthening the broader India-Switzerland partnership.
The engagement reflects India’s effort during UNGA81 to deepen bilateral partnerships while advancing cooperation on global and multilateral priorities. (DD India)