The last time I wrote for this newspaper was in February, when I arrived in Delhi for the AI Impact Summit. Eight months and one G7 meeting with Prime Minister Narendra Modi later, I am back in Delhi. This time, I am here to mark a significant anniversary: The first anniversary of the entry into force of the Trade and Economic Partnership Agreement (TEPA) between the EFTA states and India. I am returning as a guest of the Republic of India on a state visit, demonstrating how what began as a trade negotiation has evolved into a partnership between two economies and a friendship between two democracies.

Anniversaries invite summaries. I would rather treat this one as a checkpoint. What TEPA has delivered is not just a headline but something more durable: Tariff lines that have actually moved, and firms making decisions on the strength of it.

Switzerland is bringing precision machinery, pharmaceuticals, MedTech and specialty chemicals to this agreement — the kind of intermediate goods and technical capability that will feed into Indian manufacturing rather than compete with it. It is too early to declare results after a year, but the direction is clear. Tariff schedules and........

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