Piyush Goyal Strengthens Economic Ties with Swiss and Swedish Business Leaders in Europe Visit

In a significant push to deepen India's economic and strategic ties with Europe, Union Minister of Commerce & Industry, Piyush Goyal, recently concluded a high-profile visit to Switzerland and Sweden, engaging with top business leaders, policy influencers, and trade chambers.

The visit comes amid a crucial phase of the India-EFTA (European Free Trade Association) Free Trade Agreement (FTA) negotiations, and aimed to position India as a trusted partner in sectors ranging from green technology and digital innovation to advanced manufacturing.

During his meetings, Goyal emphasized India’s rapid economic transformation, resilient supply chains, and pro-business reforms that have made the country a magnet for foreign direct investment (FDI).

Why This Visit Matters

Switzerland and Sweden, both members of EFTA (along with Norway and Liechtenstein), are critical players in shaping India’s trade footprint in Europe. While Switzerland is a global financial hub, Sweden houses some of the world’s most innovative companies in automotive, pharmaceuticals, and industrial engineering.

Piyush Goyal’s engagements aimed to:

• Reaffirm India's commitment to finalizing the EFTA Free Trade Agreement, first launched in 2008 and now seeing renewed urgency.

• Attract sustainable manufacturing and technology investments into India.

• Address tariff and non-tariff barriers, and streamline regulatory frameworks.

• Boost collaborations in pharmaceuticals, green hydrogen, digital infrastructure, and mobility solutions.

For context, bilateral trade between India and the EFTA bloc crossed $18.6 billion in 2024, as per the Department of Commerce, with significant room for growth.

Highlights from Switzerland: Strengthening Investment Confidence

In Zurich, Goyal interacted with CEOs from major Swiss companies including Nestlé, Novartis, ABB, and Credit Suisse, as reported by The Economic Times. Discussions revolved around:

• Pharmaceutical sector reforms under India’s Production Linked Incentive (PLI) schemes.

• Fast-track approvals and IP protections for high-value drug manufacturing.

• India’s expanding role as a base for low-cost, high-quality industrial equipment.

• Enhancing digital cross-border payment infrastructure using UPI-Linked rails for trade transactions.

He also met with Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, where both sides reviewed progress on the India-EFTA Trade and Economic Partnership Agreement (TEPA). Goyal reaffirmed India’s commitment to reaching a balanced, mutually beneficial FTA, particularly on investment protection, services trade, and market access.

Key Outcomes from Sweden: Green Transition and Smart Manufacturing

In Stockholm, Goyal’s visit was hosted by Business Sweden and the Confederation of Swedish Enterprise, where he met representatives from Ericsson, Volvo Group, IKEA, AstraZeneca, and SKF.

Discussions emphasized:

• Green hydrogen partnerships and Sweden’s role in supporting India’s National Green Hydrogen Mission.

• Smart logistics and mobility solutions, with Volvo and Scania keen to collaborate under India’s PM Gati Shakti plan.

• Scaling clean-tech startups via joint innovation platforms.

• Boosting exports of India-made electronics and auto components to the EU.

Swedish companies expressed interest in expanding their operations in India’s fast-growing tier-2 and tier-3 cities, citing ease of doing business and emerging digital infrastructure.

AstraZeneca also expressed enthusiasm to enhance its clinical trial ecosystem in India, aligned with India's Clinical Trial Registry, citing high-quality research potential at low operational cost.

India's Trade Diplomacy: The Bigger Picture

This Europe visit is part of India’s broader push for "FTA 2.0" — modern, services-friendly trade pacts aligned with the Digital India, Make in India, and Atmanirbhar Bharat initiatives.

Goyal’s engagements complement India’s recent deals, including:

• The India-UAE CEPA (signed in 2022), already delivering record trade growth.

• Ongoing India-UK FTA negotiations, which are now in their final phases (UK Trade Office).

India is now actively seeking investment-linked trade agreements, shifting from mere tariff reduction to long-term economic partnerships.

Quotes from the Ground

Piyush Goyal, in a media briefing from Stockholm, stated:

“We are not just inviting investment, we are co-creating global value chains. India’s focus is on stability, scalability, and sustainability.”

Anders Wickberg, Sweden’s Trade Commissioner to India, said:

“India’s digital leadership, skilled workforce, and regulatory reforms make it a prime long-term partner for Swedish industry.”

Final Thoughts: A New Era of Economic Diplomacy

Piyush Goyal’s engagements in Switzerland and Sweden mark a strategic pivot in India’s international trade approach—from reactive to proactive, from transactional to transformational.

As India aims to become a $5 trillion economy, such high-level visits are instrumental in:

• Building trust with global investors.

• Fostering joint innovation ecosystems.

• Enabling inclusive trade that supports MSMEs and startups.

The momentum from this visit is expected to accelerate the India-EFTA deal, enhance bilateral investment flows, and open up newer avenues in digital trade, green energy, and global supply chain diversification.