On October 1, 2025, the TEPA free trade agreement between Switzerland and India officially came into force. For Swiss SMEs, this represents a major opportunity to tap into one of the world’s fastest-growing markets, with a consumer base of over 1.4 billion people. However, entering the Indian market remains complex. This guide highlights the key considerations for Swiss companies looking to export to India.
Export opportunities in India’s rapidly growing market
In 2023, India officially overtook China to become the world’s most populous country, with more than 1.4 billion people. At the same time, it has risen to become the fifth-largest economy globally. Growth remains strong: in 2024, India’s economy expanded by 6.5%, driving demand across consumer goods, technology, healthcare services and large-scale infrastructure upgrades.
This environment offers solid prospects for Swiss SMEs. India is already one of Switzerland’s key trading partners. In 2024, Swiss exports of goods and services to India reached almost CHF 20 billion — exceeding export volumes to countries such as France or the United Kingdom.
- Demand is particularly strong in the following areas:
- chemical and pharmaceutical products,
- machinery and precision instruments (including measurement and medical technologies),
- watches and premium consumer goods,
- IT services, engineering, as well as infrastructure and energy solutions.
Looking ahead, the outlook remains highly positive. Swiss products and services enjoy an excellent reputation in India, synonymous with quality and technological excellence. For Swiss SMEs, this means access to a large, fast-growing market that values high-end, reliable solutions.
The TEPA free trade agreement simplifies exports to India
After sixteen years of negotiations, the Trade and Economic Partnership Agreement (TEPA) between India and the EFTA states — Switzerland, Norway, Iceland and Liechtenstein — entered into force on October 1, 2025.
The agreement significantly improves market access for Swiss companies exporting to India. It provides for the immediate or gradual removal of tariffs on a broad range of goods, covering nearly 95% of Swiss exports to India, excluding gold.
Key sectors benefiting from the agreement include:
- pharmaceutical and chemical products,
- machinery and precision instruments,
- watches.
According to estimates from the Swiss State Secretariat for Economic Affairs (SECO), TEPA could generate annual tariff savings of up to CHF 167 million.
That said, the benefits will unfold over time. For certain product categories, transition periods of up to ten years apply before tariffs are fully eliminated. In addition, tariffs remain in place for specific goods such as gold, coal, dairy products and selected agricultural items.
In return, Switzerland and the other EFTA countries have committed to investing a total of USD 100 billion in India over the next twenty years.
For Swiss SMEs, TEPA offers a clear competitive edge. It is the first free trade agreement India has concluded with European countries, while negotiations with partners such as the European Union, the United Kingdom and Australia are still ongoing.
Key requirements for exporting to India
While the TEPA free trade agreement facilitates access to the Indian market, India remains a country with stringent import regulations. Incomplete or incorrect documentation can result in shipments being held at customs, subject to additional inspections, or even rejected and returned.
To help exporters avoid these issues, Switzerland Global Enterprise (S-GE) has compiled a checklist outlining the main requirements. The key points are summarised below.
Commercial invoice
In addition to standard information, the commercial invoice must include specific details such as:
- a precise description of the goods, including the HS code,
- the country of origin,
- gross and net weight,
- number of packages, quantities and type of packaging,
- transport details (vessel name or flight number),
- port or airport of loading and unloading, as well as the final destination,
- where applicable, the importer’s import licence number,
- the importer’s Goods and Services Taxpayer Identification Number (GSTIN),
- a legally valid signature of the exporter.
It is also common practice to include a brief declaration at the end of the invoice confirming the accuracy of the prices and information provided.
Packing list
Each shipment should be accompanied by a detailed packing list. This document provides an overview of all packages, the contents of each shipping unit, and the dimensions and weight per package.
Labelling of goods
In practice, Indian authorities require clear labelling of the packaging. Typical information includes:
- the manufacturer’s name and address,
- product name and type,
- country of origin,
- date of manufacture and, where applicable, expiry date.
Additional labelling requirements may apply depending on the product category, particularly for food products and pharmaceuticals.
GSTIN and PAN
The importer’s 15-digit GSTIN must appear on all commercial and transport documents, including:
- the commercial invoice,
- the packing list,
- transport documents,
- proofs of origin.
If the importer is exempt from GST registration, the 10-digit Permanent Account Number (PAN) must be stated instead.
Certificate of origin
To benefit from the tariff preferences under TEPA, a certificate of origin is required. Preferential goods must be accompanied by either:
- an EUR.1 movement certificate, or
- a declaration of origin with an electronic signature.
Important: a declaration of origin may only be issued by an approved exporter.
Depending on the product and sector, additional requirements may apply, such as specific certificates for machinery, electrical equipment or medical devices, or special licences and permits for regulated goods. In the case of dual-use items, Swiss export control regulations must also be observed.
The full checklist is available from Switzerland Global Enterprise (S-GE).
Risks to consider when exporting to India
Alongside its strong growth potential, India also presents a number of risks that Swiss SMEs should not overlook. It is a highly complex market, differing in many respects from more traditional export destinations in Europe.
Key risks include in particular:
high levels of corporate debt, especially among large conglomerates, which have previously contributed to strains within the Indian financial system;
- a strong reliance on imports, notably in energy resources and machinery;
- inadequate infrastructure in many regions, potentially causing delivery delays and supply chain disruptions;
- heavy bureaucracy and an inefficient judicial system, which can make the enforcement of contracts and dispute resolution challenging;
- the widespread informal economy, complicating debt collection from local business partners;
- ongoing geopolitical risks, including military tensions with China and Pakistan.
As a result, successful market entry in India requires not only a clear growth strategy, but also careful risk assessment and mitigation.
How companies can effectively protect exports to India
The main risks associated with the Indian market relate to payment security and the enforceability of receivables. For Swiss companies, this makes it essential to build strong, long-term partnerships and to develop a deep understanding of local market conditions.
When working with new business partners, handling large one-off orders or offering extended payment terms, Swiss SMEs should take additional steps to protect their exports to India.
Trade credit insurance: protecting against non-payment
Trade credit insurance helps companies mitigate financial losses when customers fail to pay, or pay late. Coverage typically includes:
non-payment due to customer insolvency or bankruptcy,
prolonged payment delays after the invoice due date,
political risks such as war, embargoes, currency restrictions or government intervention,
payment defaults caused by natural disasters or other extraordinary events.
For exports to India, Coface trade credit insurance offers several additional benefits:
- Creditworthiness assessments: local expert teams assess the financial strength of Indian buyers and support companies in setting appropriate credit limits;
- Ongoing monitoring: changes in payment behaviour or in a customer’s financial situation are tracked continuously;
- Claims handling: in the event of a loss, Coface indemnifies the insured portion of the receivable;
- Improved access to financing: insured receivables are often more readily accepted by banks for working capital financing.
Learn how Trade Credit Insurance with Coface can help secure your exports to India.
Professional international debt collection
Even with thorough risk assessment and insurance coverage, disputed or late payments can still occur in India. For foreign companies, legal enforcement of claims is often complex, time-consuming and uncertain.
Specialised international debt collection services, such as those provided by Coface, offer valuable support:
- local experts understand the legal system, business practices and languages,
- amicable solutions are prioritised and professionally negotiated,
- when required, legal action is coordinated with carefully selected local law firms.
In a market as complex as India, having an experienced partner on the ground is a key factor in recovering outstanding receivables efficiently while protecting the company’s reputation.
Discover how Coface International Debt Collection supports companies in recovering receivables in India.
