India-Switzerland ties deepen as PM Modi says EFTA trade pact to bring $100 billion investment and 10 lakh jobs during Swiss President Parmelin's three-day State visit

Key facts

• Prime Minister Narendra Modi said on October 5, 2026, that the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) will realise USD 100 billion in investment and 10 lakh direct jobs in India over the next 15 years.
• Modi described TEPA as India's first Free Trade Agreement with any European economic bloc, speaking alongside Swiss President Guy Parmelin after delegation-level talks in New Delhi.
• The pact is expected to boost Indian exports of agricultural, pharmaceutical, textile and engineering goods to Switzerland, while attracting Swiss investment in biotechnology, life sciences, banking, insurance, food processing and sustainability.
• India and Switzerland signed a Migration and Mobility Partnership Agreement and a Young Professionals Agreement, creating new opportunities for Indian students, researchers, professionals and youth in Switzerland.
• Swiss President Guy Parmelin is on a three-day State visit to India at Modi's invitation and is slated to meet President Droupadi Murmu, who will host a ceremonial banquet in his honour.
• Parmelin will attend the second India-EFTA Prosperity Summit on October 7, 2026, marking one year of TEPA's operationalisation; it is his maiden State visit to India and second trip this year after the AI Impact Summit in New Delhi in February 2026.
• Switzerland is India's largest trade and investment partner among EFTA member states, according to the Ministry of External Affairs.
• The most recent State visit by an Indian President to Switzerland was in 2019, while Modi visited Switzerland in 2016 and 2018.