Minister Piyush Goyal in Switzerland to advance EFTA’s USD 100 Billion investment in India

Union Commerce and Industry Minister Piyush Goyal held discussion with the Director General of the World Trade Organisation in Zurich, Switzerland, on Monday.

The minister is on an official visit to Switzerland to take forward commitments as part of India’s recently signed free trade agreement with the four-nation European bloc or EFTA. During the visit, the minister held significant discussions with industry leaders and stakeholders to advance India’s trade and economic interests.

Minister Goyal held a meeting with Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO).

In a social media post, Minister Goyal shared details of their interaction, emphasising their discussion on the various ongoing negotiations at the multilateral forum and the progress made since the 13th Ministerial Conference, which was held in Abu Dhabi earlier this year. Minister Goyal conveyed India’s steadfast commitment to the WTO, emphasising the importance of achieving meaningful outcomes and ensuring free and fair trade among member nations.

“Met @NOIweala, Director General @WTO in Zurich. Discussed the various ongoing negotiations at the multilateral forum and the progress achieved since the 13th Ministerial Conference held in Abu Dhabi earlier this year. Conveyed India’s commitment to helping achieve meaningful outcomes and ensuring free & fair trade among member nations,” said the minister.

This visit follows the recent signing of a free trade agreement between India and the European Free Trade Association (EFTA), a four-nation European bloc comprising Switzerland, Norway, Iceland, and Liechtenstein. The primary objective of Minister Goyal’s visit was to further commitments made under this new agreement.

EFTA has committed to promoting investments with the aim of increasing the stock of foreign direct investments in India by USD 100 billion in the next 15 years and facilitating the generation of 1 million direct jobs in India through such investments.

Additionally, Minister Goyal held a productive meeting with Diego Aponte, the Group President of MSC Cargo, a leading global container shipping and logistics group with a significant presence in India. The discussion focused on potential collaborations between MSC Cargo and the Indian industry, specifically looking at the growth of container shipping and the expansion of Indian flag vessels. Minister Goyal highlighted the importance of such collaborations in enhancing India’s shipping and logistics sectors.

He said, “Held a meeting with Mr. Diego Aponte, Group President at @MSCCargo, a renowned global container shipping & logistics group with a significant presence in India. Discussed potential collaborations with the Indian industry and the growth of container shipping & Indian flag vessels.”

Moreover, the Union Minister also took the opportunity to connect with the Indian diaspora in Switzerland. He expressed his delight in meeting a group of prominent Indian community members in Zurich, acknowledging their significant contributions to the Swiss economy and their role in strengthening Indo-Swiss ties. During this meeting, Minister Goyal urged the Indian diaspora to invest in India and facilitate the exchange of best practices for Swiss innovation.

He also emphasised that the recently signed India-EFTA Trade and Economic Partnership Agreement has opened up immense possibilities for economic collaboration and growth.