India-EFTA Partnership: CIM boosts economic ties in Switzerland

Commerce and Industry Minister Piyush Goyal is currently in Switzerland to oversee the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA). The Minister had discussions with potential investors in Zurich and informed them about huge investment opportunities in India.

Image credit: Hindustan Times

Union Commerce and Industry Minister Piyush Goyal recently undertook an official visit to Switzerland, focusing on advancing India’s economic interests, particularly in the context of the newly signed free trade agreement with the European Free Trade Association (EFTA). During his visit, Minister Goyal engaged in pivotal discussions aimed at bolstering India’s trade relations and economic prospects.

The EFTA agreement was a central focus, with commitments to increase foreign direct investments in India by US$ 100 billion over the next 15 years, potentially creating 1 million direct jobs. 

The Minister met with Diego Aponte, Group President of MSC Cargo, to explore collaborations enhancing India’s shipping capabilities and expanding its fleet of flag vessels.

Another highlight of the trip was his meeting with Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), where they discussed ongoing negotiations and progress since the WTO’s 13th Ministerial Conference. Minister Goyal reiterated India’s commitment to the WTO’s objectives, advocating for meaningful outcomes and fair trade practices among member nations.

In a social media post, the Minister informed, “Met @NOIweala, Director General @WTO in Zurich. Discussed the various ongoing negotiations at the multilateral forum and the progress achieved since the 13th Ministerial Conference held in Abu Dhabi earlier this year. Conveyed India’s commitment to helping achieve meaningful outcomes and ensuring free & fair trade among member nations.” 

During his visit, the Minister also met with senior officials from Zurich Airport, including Josef Felder, Chairman of the Board of Directors. They discussed potential collaborations aimed at enhancing airport infrastructure and advancing ancillary air services within India. The focus was on adopting best practices and innovative solutions to catalyze substantial improvements in the Indian aviation sector.

Recognizing the Indian diaspora’s role, Minister Goyal engaged with prominent community members in Zurich, highlighting their contributions to the Swiss economy and encouraging investment in India. He underscored the opportunities arising from the India-EFTA partnership, emphasizing economic growth through collaborative ventures and technology exchange.

Overall, Minister Goyal’s visit underscored India’s proactive stance in international trade, leveraging agreements like EFTA to foster economic growth, enhance logistical capabilities, and strengthen global partnerships, all while championing fair trade practices and multilateral cooperation through platforms like the WTO.