‘First Trade Deal With a European Bloc’: India, Switzerland Seal Pacts as Modi Eyes $100 Bn Investment

India and the Swiss Confederation exchanged several Memoranda of Understanding at Hyderabad House in New Delhi on Monday, in the presence of Prime Minister Narendra Modi and Swiss President Guy Parmelin, as the two sides built on the momentum of the India-EFTA Trade and Economic Partnership Agreement (TEPA) a year after it came into force.

Speaking at a joint press statement after delegation-level talks, Modi thanked Parmelin for his commitment to the relationship and credited his personal support for the agreement's implementation.

A BLUEPRINT FOR INVESTMENT

Modi described TEPA, which took effect in October last year, as India's first free trade agreement with any economic bloc in Europe.

"This is also an ambitious blueprint of investment, innovation, jobs and mutual prosperity. With this, we will realise 100 billion dollars investment and 10 lakh direct jobs in India in the next 15 years," he said.

He said both countries had taken several decisions to widen market access for Indian exports in Switzerland and to ease investment flows. These, he said, would lift shipments of Indian agriculture, pharma, textile and engineering goods, while drawing Swiss capital into biotech, life sciences, banking, insurance, food processing and sustainability.

PEOPLE AT THE CENTRE

The Prime Minister also pointed to two pacts signed on the day, the Migration and Mobility Partnership Agreement and the Young Professionals Agreement, which he said would open Switzerland to more Indian students, researchers, professionals and young people.

"People-to-people ties are the greatest strength of our partnership," Modi said.

STATE VISIT AND SUMMIT

Parmelin arrived on Monday for a three-day State visit at Modi's invitation. The trip centres on trade, investment, science, technology, innovation and workforce mobility, according to the Ministry of External Affairs (MEA).

It is his first State visit to India and his second trip to the country this year, after he attended the AI Impact Summit in New Delhi in February 2026. He is travelling with senior officials and business leaders.

He will meet President Droupadi Murmu, who will host a banquet in his honour, and is scheduled to attend the second India-EFTA Prosperity Summit on October 7, which marks the first anniversary of TEPA.

The MEA said Switzerland is India's largest trade and investment partner among the EFTA members.

"India and Switzerland share longstanding friendly relations. This visit will further strengthen bilateral relations, building upon the regular high-level exchanges and deepening cooperation in new areas of mutual interest," the ministry said.

The visit follows a run of high-level exchanges between New Delhi and Bern. An Indian President last made a State visit to Switzerland in 2019, while Modi travelled there in 2016 and 2018.

With inputs from ANI