India can expect cheaper Swiss chocolates, watches in its markets by 2026

With India and the European Free Trade Association (EFTA) countries expected to formally ratify their Trade and Economic Partnership Agreement (TEPA) by the end of 2025, Indian consumers can look forward to cheaper Swiss chocolates and watches in local markets by early 2026.Swiss State Secretary for Economic Affairs, Helene Artieda Budliger, told CNBC-TV18 that while India and Liechtenstein have already ratified TEPA, Switzerland is taking longer due to its direct democracy.

She stated that workshops with the business community had begun as soon as TEPA was signed on 10 March 2024 and indicated that Switzerland aims to generate jobs in India through investments under the agreement.

EFTA comprises Switzerland, Iceland, Norway, and Liechtenstein and enjoys an overall trade surplus with India. India is expected to receive $100 billion in investment from EFTA countries over the next 15 years, potentially generating 10 lakh jobs.Highlighting that investment growth with EFTA countries had been at a 13% CAGR when India was the world’s 11th largest economy, Commerce and Industry Minister Piyush Goyal expressed hope for $30 trillion in investment from EFTA countries over the next 30 years, banking on India’s large pool of skilled and semi-skilled workers, most of whom are under 30 years of age.

The Swiss State Secretary for Economic Affairs emphasised that Switzerland competes on quality and innovation rather than mass production, making product demand a key factor in India. She added that India would also require advanced technology to achieve its goal of becoming a premier global manufacturing hub.With a dedicated India-EFTA TEPA desk launched in New Delhi to enhance trade and investment, she expressed optimism about reducing bureaucratic hurdles across countries, noting that Swiss companies had long called for eliminating delays.

Stressing the need to diversify supply chains across geographies, she also hoped for more trade deals by India, citing its large domestic market, independent judiciary, and open economy.

The newly launched EFTA desk at Invest India will coordinate with state governments and various ministries to facilitate seamless capital and resource flows. Investment offices will also be opened in the EFTA region as part of on-ground implementation.

Minister Goyal stated that officials from DGFT, DPIIT, and state governments will be deputed to the desk, along with representatives from the Finance Ministry if necessary.

Key sectors from EFTA countries looking to invest in India include life sciences, pharmaceuticals, watch federations, chemicals, manufacturing, insurance, banking, pump technology, maritime, marine industries, and energy.

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