This article covers trade between India and Switzerland, the goods traded, investment in each direction, the India-EFTA Trade and Economic Partnership Agreement (TEPA) and the economic dialogue mechanisms. It is based on the MEA bilateral brief of June 2026, and each figure is given for the period the brief states.

The brief traces commercial contacts to 1851, when the Volkart Trading Co. established its offices in Basel and Mumbai.

The Integral Coach Factory (ICF) in Chennai was set up on the basis of a 1949 agreement signed between the Government of India and the Swiss Cars and Elevators Manufacturing Ltd. Zurich.

Bilateral trade

According to the MEA brief of June 2026, Switzerland was India's 15th largest trading partner in FY 2024-25, with total trade of USD 23.27 billion. The brief notes that the trade balance has been in Switzerland's favour.

India's exports have remained consistent over the past five years, while imports have fluctuated because a substantial part of them is gold bullion. The brief notes that Switzerland is amongst the world's major gold refining centres.

The brief gives the following figures in billion USD, sourced from the Department of Commerce, Ministry of Commerce & Industry:

  • 2019: India's exports 1.276, India's imports 17.785, total trade 19.061
  • 2020: exports 1.268, imports 11.342, total trade 12.610
  • 2021: exports 1.287, imports 29.512, total trade 30.799
  • 2022: exports 1.340, imports 16.291, total trade 17.631
  • 2023: exports 1.381, imports 19.657, total trade 21.038
  • 2024: exports 1.67, imports 25.17, total trade 26.84
  • 2025: exports 1.23, imports 18.32, total trade 19.55

Goods traded

The major Indian exports to Switzerland are organic chemicals, precious stones and jewellery, metals, textiles, electrical machinery and equipment, pharmaceuticals, agricultural products, machinery and precision instruments, leather products, shoes and shoe uppers, cotton and plastics.

Besides bullion, the major Swiss exports to India are chemicals and pharmaceuticals, machinery, transport equipment, precision engineering products and watches.

Swiss investment in India

Foreign direct investment (FDI) from Switzerland to India from April 2000 to June 2025 amounted to USD 10.87 billion, placing Switzerland at 12th position globally. The brief states that Swiss FDI in India increased by 53% during 2015-2023, recording an average annual growth rate of 9%.

As of the brief's date, 330 Swiss companies are present in India with a subsidiary, joint venture, or liaison or representation office. Of these, 294 entered the Indian market after the liberalisation of the Indian economy in 1991. These companies have created over 1,66,000 jobs in India, and 30 Swiss companies operate their R&D centre in India.

The leading sectors are banking and financial services, insurance, machine, electrical engineering and metals (MEM) and precision, construction, information and communications technology, and software and services.

The five states of Maharashtra, Karnataka, Haryana, Delhi and Tamil Nadu account for approximately 90% of Swiss investments in India. The Mumbai-Pune corridor accounts for 45% and Delhi-NCR for 23% of Swiss companies in India.

The brief names the top 10 Swiss employers in India as UBS, ABB, Nestle India, TE Connectivity, Rieter India, UBS Business Solutions, Schindler India, Adecco India, Temenos India and STM Microelectronics. It also notes that MMTC-PAMP, a joint venture between the Government of India undertaking MMTC and the Swiss group PAMP, is the first domestic innovator to develop gold bars and colorization of gold coins.

Indian investment in Switzerland

Overseas Direct Investment (ODI) from India to Switzerland from April 2000 to August 2025 was USD 8.9 billion, placing Switzerland at 10th position. In 2025-26, ODI by Indian companies in Switzerland amounted to USD 1277.49 million. The largest investors that year were:

  • Dr. Reddy's Laboratories Ltd., USD 620 million
  • Glenmark Pharmaceuticals Ltd., USD 385 million
  • Sanmar Group International Ltd., USD 100 million
  • Lupin Ltd., USD 35.83 million
  • Deccan Advanced Sciences Pvt. Ltd., USD 33.639 million
  • Famy Pharma Pvt. Ltd., USD 21.54 million

Major Indian IT companies, including TCS, Infosys, HCL and Tech Mahindra, have offices in Switzerland and provide services to major Swiss pharma companies, banks and insurance firms. Indian pharma and life sciences companies in Switzerland include Dr. Reddy, Wockhardt and Glenmark, and Tata and Birla have representative offices.

The India-EFTA TEPA

Negotiations on a free trade agreement started in October 2008. After the 21st round of negotiations, held over 16 years, the agreement was signed on 10 March 2024. With this, Switzerland and the other EFTA States became the first European partners to conclude a Free Trade Agreement with India.

Federal Councillor for Economic Affairs, Education and Research Mr. Guy Parmelin visited India on 19-20 January 2024 for the TEPA negotiations and on 10 March 2024 for the signing. He had earlier visited on 03-04 October 2022.

The TEPA between India and the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) entered into force on 1 October 2025, which the brief calls a significant milestone. The occasion was marked by the Prosperity Summit in New Delhi, hosted by Shri Piyush Goyal, Minister of Commerce & Industry. EFTA was represented by Ms. Helene Budliger Artieda, Swiss State Secretary at the State Secretariat for Economic Affairs.

A dedicated EFTA Desk has been established to facilitate the flow of investments from EFTA countries into India. Ms. Budliger Artieda visited New Delhi for its inauguration on 10-11 February 2025 and held bilateral meetings with Shri Piyush Goyal and Finance Minister Ms. Nirmala Sitharaman.

Ministerial visits on trade

Shri Piyush Goyal visited Zurich on 14-15 July 2024, his first visit to Switzerland after the signing of the TEPA. He held delegation-level talks with Mr. Parmelin, preceded by a breakfast meeting with a select group of Swiss private sector leaders and officials.

On 09-10 June 2025, Shri Goyal paid a two-day official visit to Berne. He was guest of honour at Swissmem Industry Day, met Mr. Parmelin and co-chaired an India-Swiss Business round-table with him.

On 12-13 June 2026, Shri Goyal held a bilateral meeting in Berne with Mr. Guy Parmelin, Swiss President and Head of the Federal Department of Economic Affairs. In Zurich he interacted with representatives of the Swiss pharmaceutical industry and other Swiss industry leaders and investors to discuss expanding bilateral trade and investment.

Earlier economic visits in the brief include those of Minister of Textiles Shri Dayanidhi Maran to Switzerland on 25-28 October 2009 and Commerce and Industry Minister Shri Anand Sharma on 8 April 2013. From Switzerland, Federal Councillor Mr. Johann N. Schneider-Ammann visited India on 15-17 May 2015 and Federal Councillor for Finance Mr. Ueli Maurer on 10 August 2022.

Investment protection and taxation

India and Switzerland signed a Bilateral Investment Treaty in 1997, which came into force in 2000 with an initial duration of ten years. Following Cabinet approval of the Model Indian BIT in 2015, it was decided to terminate existing BITs whose initial duration was over and to re-negotiate them on the basis of the revised model. The brief states that negotiations are being held on a new BIT.

Other economic and tax agreements in the brief's list are:

  • Agreement concerning the opening of transfer credits, with Implementing Protocol and Exchange of Letters, 1960
  • Agreement on the granting of a Mixed Financing, 1991
  • Agreement for the avoidance of double taxation with respect to taxes on income, amended by supplementary protocols signed in 2000 and 2010
  • MoU on intellectual property, 2007
  • Joint Declaration on the introduction of the Automatic Exchange of Information on Tax matters, 2016
  • Agreement pursuant to Article 28 paragraph 6 of the Convention on Mutual Administrative Assistance in Tax Matters, 2017

Economic dialogue mechanisms

The Joint Economic Commission was set up in 1959 to strengthen economic and commercial ties. Its latest round was held in Geneva on 24 November 2023, with an Additional Secretary of the Ministry of Commerce and Industry leading the Indian side.

The Financial Dialogue is based on an MoU of 2011. Its first round was held in Berne on 6 July 2012, and the 6th round in March 2024, co-chaired by Secretary, Department of Economic Affairs (DEA) and the Swiss State Secretary for International Finance. It covered investment promotion, FinTech, sustainable finance and cross border financial services.