Piyush Goyal says Swiss part of EFTA deal will possibly be implemented from October 2025 — all you need to know

Piyush Goyal on June 11 said that the EFTA process from Switzerland would likely be implemented by October this year, as per an ANI report. The Union Commerce Minister added that three other countries — Norway, Iceland and Liechtenstein, have already ratified the trade deal.

Speaking to the agency during his two-day visit to Switzerland, Piyush Goyal said, “Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland's process will last another two and a half months (or so). It is expected that we will be able to implement this in October.”

What can we expect from the deal?

“We expect an investment of $100 dollars (into India) to come from these countries, because they have committed under the EFTA,” Piyush Goyal told ANI.

"There is a possibility of investment in many sectors, be it space sectors, high precision engineering or food processing or pharmaceutical. I think that India will be able to take full advantage of the technology that Switzerland has achieved. We have skills and talent. Our expenses are low," he supplemented.

The European Free Trade Association (EFTA), was set up in 1960 to promote free economic trade and integration for its four member states. India and the EFTA began negotiations in 2008, and reached an agreement in March 2024, after 21 rounds of talks, the EFTA website states.

India-ETFA deal, what's the benefits?

The minister contextualised that Switzerland is a high per capita income country, and thus anything manufactured there would be difficult to market in countries with relatively lower income, adding: “India will prove to be a very reliable partner for them.”

Speaking about other ongoing trade deal negotiations, the minister said that a very good progress has been made with the EU. “Three round of discussion at ministerial level between May 1 to June 3 have happened, in just thirty to thirty-five days we have met thrice,” he said.

Piyush Goyal added that counterpart Maros Sefcovic, who is the European Commissioner for Trade and Economic Security, will visit India from June 28-29, for the last few rounds of discussion. “Very, very, very, active negotiations are underway,” he added.

Piyush Goyal in Switzerland

Addressing a gathering of Swiss businesses and Swiss Federal Councillor Guy Parmelin on the second day of his visit, Piyush Goyal highlighted India's “remarkable transformation” over the last 11 years, in terms of technology, innovation, and business opportunities.

The minister encouraged Swiss businesses and industries to explore growth and investment oppornities in India, and leverage the country's skilled and talented workforce and facilitative business ecosystem.

What other deals does India have on the table?

On the deal with Oman, the minister said that “significant progress” has been made, the report said. He added that they also wish to conclude the New Zealand deal quickly, “but the Commerce Ministry is over stretched”.

“We are working with the US, so there was a commitment given to us. US President Donald Trump and Prime Minister Narendra Modi have a bilateral trade agreement by September 2025,” he shared.

Further, discussions with Peru and Chile “are progressing well so effectively the ministry is fully engaged today with discussions with all continents across the world,” he concluded.

(With inputs from ANI)