India and Switzerland have maintained warm diplomatic relations since 1948, built on trade, investment, financial ties and cultural respect. Switzerland is a major source of FDI into India and home to significant Indian-origin business communities. The India-EFTA Trade and Economic Partnership Agreement (TEPA), signed in March 2024, marked a breakthrough after 16 years of negotiations, covering trade in goods, services and investment including a novel USD 100 billion investment commitment from EFTA states. Swiss pharma and financial expertise are key areas of bilateral engagement.
COOPERATION AREAS
Where India and Switzerland actually work together
4 active areas of cooperation, as of July 2026. Click any card for the full brief.
TRADE & INVESTMENT
By the numbers
FY 2023-24. India has a large trade deficit reflecting Swiss machinery, pharma, chemicals and gold imports. The bilateral figure is heavily skewed by gold trade. Source: MEA, DGFT.
$21bn
Total bilateral trade in goods
$1.6bn
India exports to country
$19.4bn
India imports from country
Trade trajectory · USD bn
$21bnin FY24 · click a bar to compare years
TOP TRADED ITEMS
AGREEMENTS & MILESTONES
The relationship since 1948, in 7 dates
CURRENT STATE
Where things stand, 2026
The relationship is in a positive phase following the TEPA signature in March 2024. India and Switzerland are now working on implementing the agreement, which will phase in tariff reductions and monitor the USD 100 billion investment commitment. The financial information exchange relationship is stable. Swiss pharma companies remain key partners for India's healthcare sector.
SIGNALS TO WATCH
On track / positive momentum
In progress / worth watching
Stalled or facing headwinds
Not yet started / unclear
IN CONTEXT
How India and Switzerland cross paths multilaterally
