India and Switzerland have increased their cooperation in the pharmaceutical and biotechnology industries, with Union Commerce Minister Piyush Goyal meeting Helene Budliger Artieda, Switzerland’s State Secretary for Economic Affairs, during her visit to India with a high-level pharmaceutical delegation. 

The discussions focused on increasing collaboration in research, development, and investment, allowing Swiss pharma companies to enter India’s rapidly expanding healthcare ecosystem. Goyal stated that both parties discussed how to develop relationships and enhance sectoral opportunities.

The meeting also discussed progress under the India-EFTA Commerce and Economic Partnership Agreement (TEPA), which aims to facilitate smoother trade and stimulate innovation. Artieda emphasised ongoing discussions with the finance ministry about a Bilateral Investment Treaty, which he described as critical for Swiss investors. Maya Tissafi, Switzerland’s Ambassador to India, stated that the meetings were meant to advance regulatory frameworks and accelerate cooperation for future investments.

The India-EFTA TEPA, which went into effect on October 1, creates new opportunities for trade in goods and services across Switzerland, Iceland, Norway, and Liechtenstein. Tariff reductions, increased market access, and a commitment to invest USD 100 billion in India over 15 years are part of the agreement, which is expected to create 1 million direct jobs and significantly boost Indian exports.