Piyush Goyal visits Liechtenstein to boost India–EFTA trade

TEPA is India’s first free trade agreement with a developed group of EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). It signals the improving quality of Indian products, the expanding and diversified range of Indian exports, and a steady strengthening of India’s manufacturing capabilities that support ‘Make in India’ and ‘Make for the World’.

The minister underlined that TEPA represents a shift to a higher-quality economic relationship. India’s manufacturing ecosystem is increasingly combining scale, competitiveness, and reliability for global markets.

In meetings with the Liechtenstein leadership and business community, the minister set out India’s growth story as a stable and scalable base for long-term partnership. India is today the fourth largest economy, with an estimated GDP of $4.13 trillion in 2025. India offers both scale and reform momentum, a large and expanding consumer market, a deepening industrial base, and a sustained focus on ease of doing business, digitisation, and infrastructure-led competitiveness, the Ministry of Commerce and Industry said in a press release.

Both sides also exchanged views on the global business environment. With supply chains facing disruptions, uncertainties, and sharper volatility, India and Liechtenstein can combine strengths to offer stability and predictability to investors and enterprises. India’s scale, talent, and manufacturing depth can complement Liechtenstein’s specialised industrial capabilities, high-value innovation, and financial expertise. Together, these can create resilient value chains and a reliable investment bridge, sending a signal of confidence and hope in an increasingly unsettled world.

The visit concluded with a call to intensify India–Liechtenstein and wider India–EFTA engagement in the months ahead. The minister encouraged greater participation of EFTA companies in key trade and investment events in India and invited closer collaboration through business dialogues and delegations. TEPA carries an agreed ambition to facilitate $100 billion in investments into India and support the creation of one million direct jobs. The EFTA’s market access offer under TEPA covers 100 per cent of non-agri products and tariff concession on Processed Agricultural Products (PAP). Sensitivity related to PLI in sectors such as pharma, medical devices & processed food etc. have been taken while extending offers.

India’s offer to EFTA covers 82.7 per cent of tariff lines, accounting for 95.3 per cent of EFTA exports. India looks forward to welcoming more Liechtenstein and EFTA enterprises to India, translating TEPA into stronger investments, deeper technology partnerships, and a larger Indian footprint in global trade and investment flows.

ALCHEMPro News Desk (RR)