Switzerland, India and the EFTA Deal

How India's 2024 trade agreement with EFTA, including Switzerland, promised 100 billion dollars in investment, the gold trade, and a recap of the module.

India and the European Free Trade Association (EFTA) - Switzerland, Norway, Iceland and Liechtenstein - signed a Trade and Economic Partnership Agreement (TEPA) in March 2024. It took effect in October 2025.

Key features

EFTA countries committed to promoting 100 billion dollars of investment in India over 15 years and 1 million jobs, an unusual feature.
India cut tariffs on many EFTA goods, like watches, chocolates and machinery, over time.

Gold

Switzerland refines much of the world’s gold, and is a major source of India’s gold imports.

Swiss firms in India

Nestlé, ABB, Holcim (which sold its India cement businesses in 2022) and others have long operated in India.

Module recap

Switzerland is rich without natural resources.
Banking secrecy ended with automatic information exchange.
The franc is a safe haven.
The 2015 franc cap removal shocked markets.
Swatch and luxury saved Swiss watches.
Pharma is the largest export.
Direct democracy shapes policy.
Cantons compete on taxes.
Apprenticeships keep youth unemployment low.
The debt brake keeps debt low.
Credit Suisse collapsed in 2023.

The investment pledge

Under the EFTA deal, Swiss and Norwegian firms are expected to expand factories and research centres in India.

Thinking trade deals only cut tariffs

The EFTA deal includes an investment commitment.

Key takeaways

India and EFTA signed a trade deal in March 2024.
EFTA committed to promoting 100 billion dollars of investment.
Switzerland is a key gold source for India.
Swiss success rests on skills, institutions and specialisation.