Switzerland’s State Secretary for Economic Affairs Helene Budliger on Wednesday said that the free trade agreement between India and the European Free Trade Association (EFTA) is set to bring transformative changes in two-way economic ties and could not have come at a better time. The ambitious pact came into effect amid global trade disruptions caused by the US tariff dispute.The Trade and Economic Partnership Agreement (TEPA), inked between New Delhi and the four EFTA nations — Switzerland, Norway, Iceland, and Liechtenstein — is expected to reduce tariffs on 92.2 per cent of Indian product categories. Under the agreement, the four countries have pledged investments of $100 billion in India over the next 15 years, along with enhancing trade engagement in sectors such as technology, manufacturing, textiles, leather, and food products.Budliger told PTI, “It will be like a booster. There is a kind of massive interest coming from Switzerland for investing in India. I think it is safe to say that it is even more meaningful for us in view of the current state of global trade.”The trade pact comes amid a severe downturn in India-US relations after President Donald Trump imposed a 50 per cent tariff on Indian goods, including a 25 per cent additional duty on its purchase of Russian crude oil. However, Budliger emphasised that the India-EFTA pact was not linked to the US tariffs. “This is really an excellent moment and it will give additional emphasis to what we are trying to do. But it is wrong to say that it was a response to what has been going on in the world,” she said.India is currently the fifth-largest trading partner of the EFTA, with bilateral trade between the two sides growing steadily in recent years. “It could not have come at a better moment. But at the same time, I do not want us to be perceived as an opportunistic country. Because the world now is in turmoil, all of a sudden we discovered our love and admiration for India — it is not the case at all. That’s why I underlined that we wanted this for 16 years. We negotiated it for 16 years. We have had a long-standing relationship. We felt incredibly proud to be India’s friend and partner,” Budliger added, PTI quoted.Expressing optimism about India’s growth prospects, the Swiss State Secretary highlighted Commerce Minister Piyush Goyal’s “30-30-30” formulation. “Minister Goyal, during negotiations, often talked to me about 30-30-30. That means in 30 years, India will be a $30-plus trillion economy and your population will still be 30 years of age. And we completely bought into that,” she said.Budliger also advocated for a bilateral investment protection treaty with India, noting, “That is one of the things that our companies are looking for.” She expressed confidence that the EFTA nations would meet the $100 billion investment target within 15 years. “It is a realistic figure. It is the private sector that needs to come into play. Our private sector is very serious about it. I can tell you there is massive interest to boost ties with India,” she said.She added, “The representatives of 40 companies are with me. They have massive investment plans. I am very optimistic that within 15 years, we will reach the $100 billion investment target.” At the same time, she cautioned that the necessary framework conditions would need to be in place for this to happen.The TEPA is also expected to strengthen India-Switzerland bilateral trade cooperation. Over 330 Swiss companies are present in India across sectors including engineering, services, precision instruments, chemicals, and pharmaceuticals, while Indian companies operate in Switzerland in IT, pharmaceuticals, and machinery.In June, Commerce Minister Piyush Goyal visited Switzerland to advance bilateral economic cooperation and operationalise the TEPA. During the visit, Goyal held discussions with Federal Councillor Guy Parmelin and State Secretary Budliger to chart a forward-looking roadmap for implementation. The talks also focused on regulatory cooperation, skills development, innovation partnerships, and mechanisms to facilitate faster investment decision-making.
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