Piyush Goyal Visits Switzerland to Boost India-Swiss Trade and Investment
Commerce & Industry Minister Piyush Goyal paid an official visit to Switzerland at the invitation of Swiss Federal Councillor Guy Parmelin. During this visit, Goyal engaged in bilateral talks and a joint breakfast meeting with Swiss and Indian industry leaders.
Key Discussions
The main focus was on the India-EFTA Trade and Economic Partnership Agreement (TEPA), signed on March 10, 2024. Both sides discussed ways to achieve the ambitious target of $100 billion in investment and the creation of one million jobs in India over the next 15 years.
Meetings and Engagements
Goyal met with Swiss business leaders and the Indian diaspora, encouraging Swiss companies to invest in India’s growing market. A 12-member Indian business delegation also had networking opportunities with their Swiss counterparts.
Importance of Switzerland
Switzerland is India’s 20th largest trading partner, with $21 billion in bilateral trade in 2023, and the 12th largest investor in India, with $10 billion in cumulative FDI from April 2000 to March 2024. Over 330 Swiss companies operate in India, creating over 166,000 jobs.
This visit aimed to review and enhance bilateral trade and economic ties through TEPA.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He is the Commerce & Industry Minister, which means he helps make rules about buying and selling things in India and with other countries.
Switzerland -: Switzerland is a country in Europe. It is known for its beautiful mountains, chocolates, and banks.
India-EFTA Trade and Economic Partnership Agreement (TEPA) -: This is a special agreement between India and some European countries, including Switzerland. It helps make trading goods and services easier between these countries.
Swiss Federal Councillor Guy Parmelin -: Guy Parmelin is a high-ranking official in the Swiss government. He works with other countries to make agreements about trade and business.
bilateral talks -: Bilateral talks are discussions between two countries. In this case, it means India and Switzerland are talking to each other to make better trade deals.
Indian diaspora -: The Indian diaspora refers to people from India who live in other countries. They often keep close ties with India and can help with business and cultural exchanges.
$100 billion in investment -: This means that India wants to get a lot of money from other countries, including Switzerland, to help build businesses and create jobs.
one million jobs -: Creating one million jobs means making new work opportunities for one million people. This helps more people earn money and improve their lives.
$21 billion in bilateral trade -: This means that India and Switzerland traded goods and services worth $21 billion with each other in 2023. It shows how much business they do together.
