Goyal begins visit to Switzerland and Sweden to deepen trade ties, focus on India-EFTA pact

Mint

2 hours ago

New Delhi: Amid ongoing negotiations for the Bilateral Trade Agreement (BTA) with the US, commerce and industry minister Piyush Goyal on Monday began a five-day official visit to Switzerland and Sweden, aimed at strengthening India's economic and trade ties with key European partners.
The visit, which runs from 9 to 13 June, is expected to advance negotiations on the India-EFTA trade agreement and explore new avenues for investment in sectors such as precision engineering, pharmaceuticals, and sustainable technologies, as per a commerce ministry statement.
However, the official release does not mention the inclusion of a business delegation with the minister, despite an earlier announcement by Goyal during his address at the CII Business Summit in New Delhi on 29 May, where he had indicated that a delegation of Indian industry leaders would travel with him to explore partnership opportunities.
In Switzerland, Goyal will hold sector-specific meetings with global CEOs and senior officials from industries including life sciences and high-tech manufacturing. He is also scheduled to meet federal councillor Guy Parmelin, Swiss companies, and Indian industry representatives to push forward discussions on the India-EFTA Trade and Economic Partnership Agreement (Tepa), which is seen as a critical pillar of India's strategy to diversify trade partnerships and reduce reliance on traditional markets, the statement said.
The minister's itinerary includes participation in the Swissmem Industry Day and a roundtable with the Swiss mechanical and electrical industries—sectors in which Switzerland has deep expertise and where India is seeking greater technology partnerships.
The visit comes at a time when India is seeking to push forward stalled trade negotiations with several partners, including those under EFTA, amid a broader geopolitical push to deepen ties with Western democracies and reduce China-dependency in global supply chains. Switzerland, which has a major share of EFTA's total trade with India, is seen as a key player in finalising a balanced and forward-looking Tepa deal.
After concluding engagements in Switzerland, Goyal will travel to Sweden, where he will co-chair the 21st session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) alongside Swedish minister for international development cooperation and foreign trade, Benjamin Dousa, the ministry said in the statement. The commission meeting will serve as a platform to review the current economic cooperation and identify new areas of collaboration, the ministry said.
In Sweden, bilateral meetings are also lined up with Håkan Jevrell, state secretary to the minister of development cooperation and foreign trade, as well as CEOs of major Swedish firms, including Volvo Group, Ericsson, IKEA, Sandvik, Alfa Laval, and SAAB, the ministry said. Discussions are likely to focus on green technologies, advanced manufacturing, and innovation—areas where Sweden has global leadership and where India is aiming to accelerate its industrial transition.