AGP Executive Report

India–Switzerland/EFTA Trade Push: Swiss President Guy Parmelin’s New Delhi visit with PM Narendra Modi produced six agreements, including a migration and mobility pact (multi-entry visas up to five years), a young professionals exchange, and cooperation on transport tech, infrastructure, science and innovation. Jobs & Investment Roadmap: The leaders tied the package to the India–EFTA TEPA, now in its second year, targeting $100bn investment and 1mn direct jobs in India over 15 years, with expanded Swiss market access for Indian agriculture, pharma, textiles and engineering. Defence & Energy Cooperation: Talks also focused on deeper defence production and nuclear energy collaboration. Liechtenstein Finance & Tokenisation: In Balzers/Vaduz, MTCM launched Talea DRN, a tokenised securitization note that lets investors hold the same note in traditional or digital form, with Bank Frick as digital-asset partner. Liechtenstein Legal/Markets: NORVAULT AG is running a voluntary off-market cash and exchange tender for Art Share 002 Class B shares, with NORVAULT a Liechtenstein company. Energy Dispute Watch: A Liechtensteiner natural gas utility says it is considering immediate legal action to challenge a Moldova arbitral award tied to alleged unfair tariffs and access restrictions.

Tokenised finance in Liechtenstein-linked markets: MTCM Securitization Architects launched Talea DRN, a single securitization note offered in two interchangeable forms—traditional ISIN and a digital token—using Bank Frick as digital-asset partner and paying agent, aiming to let arrangers reach both Clearstream/Euroclear investors and digital-native buyers. Art-backed tender and token notes: NORVAULT AG opened a cash-and-exchange tender for Art Share 002 S.A. Class B shares, with exchange holders receiving Bacon Series 001 tokenised secured tracker notes (Liechtenstein ISIN), while NORVAULT also launched the Bacon Series 001 offering terms and subscription mechanics. India–EFTA trade momentum with Liechtenstein in scope: India and Switzerland signed multiple pacts with mobility/migration, young professionals, transport tech and infrastructure cooperation, plus deeper defence and nuclear energy ties; leaders also reiterated TEPA’s push for major investment and jobs across the EFTA bloc that includes Liechtenstein. Swiss domestic trade politics: Switzerland is set for a referendum on an EFTA trade deal with Malaysia after opponents filed signatures over rainforest and forced-labour safeguards. Pharma tariff relief touches Liechtenstein: The US exempted certain specialty drugs and ingredients from ad valorem tariffs for eligible countries including Switzerland and Liechtenstein, covering specific categories like gene therapies and orphan drugs.

India–EFTA Trade Push: India and Switzerland signed a migration and mobility pact plus four other agreements after PM Narendra Modi met Swiss President Guy Parmelin, with TEPA momentum aimed at expanding market access and investment links. Jobs & Investment Targets: Modi reiterated the $100bn investment and 1m direct jobs goal over 15 years under the India–EFTA Trade and Economic Partnership Agreement, which includes Liechtenstein. TEPA Review Ahead: India and EFTA plan to review TEPA implementation at the second India–EFTA Prosperity Summit in October, with attention on market-access and procedural bottlenecks as exports to the bloc have dipped. Liechtenstein Finance Watch: NORVAULT AG (Liechtenstein) launched the Bacon Series 001 tokenised secured tracker notes tied to Art Share 002, alongside a cash-and-exchange tender for Art Share 002 Class B shares. Pharma Tariff Relief: The US exempted select speciality drugs and ingredients from a 100% tariff framework for India and 19 other jurisdictions, covering areas like orphan drugs, cell/gene therapies and antibody-drug conjugates.

Liechtenstein in the spotlight: ABB says it will back Vietnam’s energy transition and digital transformation, with focus on electrification, automation, data centres and talent—underlining how EFTA talks (including Liechtenstein) can unlock tech cooperation. Finance & ownership: NORVAULT AG (a Liechtenstein company) has launched a voluntary off-market tender offer for up to 54,999 Class B shares in Luxembourg-listed Art Share 002, raising questions for liquidity and ownership concentration. Trade ties: India and EFTA are reviewing the one-year rollout of TEPA, with EFTA (including Liechtenstein) committing to $100bn in investment and 1m jobs over 15 years, while export flows show mixed momentum. Pharma tariffs: The US has exempted select specialty medicines and ingredients from a 100% tariff regime, including products from India and Liechtenstein—covering areas like orphan drugs, cell/gene therapies and antibody-drug conjugates. Compliance: Switzerland’s new transparency register begins operations, requiring legal entities to register beneficial owners, with data security flagged as a top priority.

Liechtenstein Politics & Finance: A Financial Times report says Prince Alois’s reform plans for the princely house are triggering a dispute over succession, voting rights, and control of titles, coats of arms and dynastic membership—alongside the multi-billion family fortune tied to LGT. Energy & Industry: ABB reaffirmed support for Vietnam’s electrification and automation push, pointing to energy infrastructure, data centres, talent and industrial innovation, in the context of the concluded EFTA-Vietnam free trade talks that include Liechtenstein. Trade & Jobs (EFTA link): India-EFTA TEPA marked its one-year anniversary, with officials citing market access and a promised USD 100bn investment and 1mn jobs over 15 years; a separate report says implementation issues will be reviewed at an October summit in New Delhi. Pharma Tariffs (Liechtenstein in scope): The US exempted select speciality drugs and ingredients from a 100% tariff, listing Liechtenstein among 20 eligible jurisdictions—covering areas like orphan diseases, fertility, cell/gene therapies and ADCs. Corporate Moves (Liechtenstein company): NORVAULT AG, a Liechtenstein firm, is making a voluntary off-market tender offer for up to 54,999 Class B shares of Luxembourg-based Art Share 002. Compliance & Transparency: Switzerland’s new transparency register rules for beneficial owners took effect, with data security highlighted—relevant for cross-border Liechtenstein-linked corporate governance.

US Pharma Tariff Relief: The US exempted select speciality medicines and ingredients from a new 100% ad valorem tariff, with India among 20 eligible jurisdictions; the zero-rate covers orphan drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates, and certain medical countermeasures, plus related components. Trade & Investment Links: India and EFTA (including Liechtenstein) are reviewing TEPA one year after it took effect, with EFTA pledging $100bn in investment and 1m jobs; coverage also notes market access gains and ongoing implementation bottlenecks. EFTA–Vietnam Industrial Push: ABB says it will back Vietnam’s energy transition and digital transformation, pointing to electrification and automation needs as the EFTA-Vietnam FTA is concluded. Corporate Moves in Liechtenstein Ecosystem: NORVAULT AG (a Liechtenstein company) is launching a voluntary off-market tender offer for ART SHARE 002 Class B shares, raising questions for ownership concentration and liquidity. Crypto Risk Watch: A $320m bitcoin theft tied to Blockstream’s Liquid Network highlights recovery limits and the need for pre-planned response strategies. Local Business/Industry Context: A market note on Europe’s upholstered furniture industry flags slow consolidation and a long tail of small and mid-sized manufacturers, with Liechtenstein-based Cotta Collection named among top producers.

Liechtenstein Governance Dispute: A Financial Times report says Prince Alois’s reform plans for dynastic status and allowances are sparking a legal fight, with rebel royals threatening to sue and arguing the changes would tighten his grip over titles, coats of arms and membership—while the family fortune tied to LGT remains a major stake. EFTA Trade Momentum: ABB says it will back Vietnam’s energy transition and digital transformation, pointing to the concluded EFTA-Vietnam FTA that includes Liechtenstein; separate coverage marks one year of India-EFTA TEPA, with EFTA committing $100bn and 1mn jobs and Liechtenstein in the bloc. Pharma Tariffs—US Relief for Specialty Products: The US exempts select speciality drugs and ingredients (including rare disease, fertility, cell/gene therapies, ADCs and animal health) from 100% tariffs for India and 19 other jurisdictions, including Liechtenstein, but only for narrowly defined categories. Finance/Markets: Art Share 002 says NORVAULT AG is launching a voluntary off-market tender for up to 54,999 Class B shares. Crypto Risk Watch: A client alert highlights a $320m bitcoin theft pattern and stresses recovery and sanctions considerations for firms. Industry/Manufacturing: CSIL data shows Europe’s upholstered furniture market remains fragmented, with Liechtenstein-based Cotta Collection among leading manufacturers.

EFTA–India Trade: India and the EFTA bloc (including Liechtenstein) are marking one year of the TEPA trade deal, with EFTA pledging $100bn in investment over 15 years and a target of 1mn jobs; India’s minister says the pact is already boosting exports like motor vehicles, heavy waters and moulding patterns, while a separate report flags a review in October amid export declines. Swiss Compliance Update: Switzerland’s new Transparency Register has started operating, requiring legal entities to register and report beneficial owners, with a stated focus on anti–money laundering and data security. US Pharma Tariffs—Relief for Liechtenstein-linked trade: The US has exempted select specialty drugs and ingredients (including orphan drugs, cell/gene therapies and antibody-drug conjugates) from 100% ad valorem tariffs for 20 eligible jurisdictions, explicitly listing Liechtenstein among them. Industry & Energy: ABB says it will back Vietnam’s energy transition and digital transformation, with attention on energy infrastructure and data centres, as EFTA–Vietnam talks conclude. Corporate Moves: Art Share 002 says NORVAULT AG (a Liechtenstein company) is launching a tender offer for its Class B shares.

Corporate Actions: Art Share 002 says Liechtenstein-based NORVAULT AG is launching a voluntary off-market tender offer for up to 54,999 of its Class B shares, a move that could shift ownership concentration and liquidity. Trade & Industry: India’s EFTA trade deal (TEPA) is now a year old, with officials pointing to stronger exports of motor vehicles, heavy waters and moulding patterns, while EFTA backs up the pact with a stated USD 100bn investment push and job creation target. Compliance & Transparency: Switzerland’s Transparency Act has started, requiring reporting legal entities to register beneficial owners and update changes, with the Federal Office of Justice stressing data security for anti–money laundering and counter-terror financing use. Pharma Supply Chains: The US has exempted select specialty drugs and ingredients from new 100% pharma tariffs, including categories such as orphan drugs, cell and gene therapies, and antibody-drug conjugates—covering India and also Liechtenstein among eligible jurisdictions. Digital Infrastructure: The .eu domain marks 20 years, highlighting how European businesses use it as an identity signal while the registry stresses it’s everyday internet infrastructure rather than a technical “more European” option.

Crypto & Risk Management: A $320m bitcoin theft from Blockstream’s Liquid Network ended with 85% returned and 47m kept by the attacker, underscoring how recovery hinges on reaching regulated exchanges and how “bug bounty” terms matter for legal claims. Trade & Industry (Liechtenstein in the mix): India’s EFTA trade deal (TEPA) marks its one-year milestone, with EFTA (including Liechtenstein) committing $100bn investment and 1m jobs over 15 years, while India reports export growth in motor vehicles, heavy waters and moulding patterns. Pharma Tariffs: The US exempts select speciality drugs and ingredients (including rare-disease, fertility, cell/gene therapies and ADCs) from 100% ad valorem tariffs for India and 19 other jurisdictions—Liechtenstein included—offering targeted relief rather than a blanket cut. Compliance & Transparency: Switzerland’s new Transparency Register starts operations, requiring legal entities to register beneficial owners, with data security flagged as a top priority. Healthcare Staffing: Ireland plans to relax the 50:50 non-EEA workforce rule temporarily to ease healthcare shortages, affecting nursing homes and home-care capacity.

EFTA-India Trade Watch: Switzerland’s President Guy Parmelin is set to visit India next week as the India-EFTA Trade and Economic Partnership Agreement (TEPA) enters its second year, with a focus on trade, investment, technology and innovation; Liechtenstein Angle: TEPA includes Liechtenstein in the EFTA bloc, and a year-on review in October is expected to tackle market access and procedural bottlenecks after export declines; US Pharma Tariffs—Targeted Relief: The US has exempted select speciality drugs and related ingredients from a new 100% tariff, with India (and Liechtenstein) among 20 eligible jurisdictions, covering orphan drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates and certain medical countermeasures; Healthcare Staffing Policy: A “50:50 rule” limiting non-EEA workers is being temporarily relaxed to ease healthcare staff shortages, including nursing homes and home-care services; Digital Identity Milestone: The .eu domain marks 20 years as everyday European internet infrastructure, with operators stressing it signals community choice more than technical “Europe-ness.”

US–Pharma Tariffs, With a Twist: The US Commerce Department says certain specialty drugs and ingredients from India and 19 other jurisdictions—including Liechtenstein—will face a 0% ad valorem tariff, even as a broader 100% tariff on specified patented medicines expands. The zero-rate covers narrow categories like orphan drugs, infertility treatments, cell and gene therapies, antibody-drug conjugates, and some medical countermeasures, plus qualifying components. EFTA–India Trade Check-In: India and the EFTA bloc (Iceland, Liechtenstein, Norway, Switzerland) will review the TEPA deal one year after it entered into force, with officials pointing to market-access and procedural bottlenecks as exports to the bloc have fallen. Tourism & Hospitality Spotlight: Liechtenstein is mentioned among new countries earning Michelin Keys in the 2026 guide, with the awards highlighting standout hotels by design, service, and connection to place. Workforce Rules in Healthcare: Ireland is temporarily relaxing a “50:50” non-EEA worker cap to ease staffing shortages—an indirect reminder for Liechtenstein’s services sector planning around labor constraints. Digital Identity Watch: A look at how the .eu domain has become everyday European infrastructure, reinforcing the branding value for businesses operating across the region.

US–Liechtenstein Pharma Trade: The US Commerce Department has listed Liechtenstein (along with 19 other jurisdictions) for a 0% ad valorem tariff on select specialty medicines and key ingredients, even as a broader 100% tariff on certain patented drugs starts for other companies from 29 September; the zero-duty categories include orphan drugs, infertility treatments, cell and gene therapies, antibody-drug conjugates, and some medical countermeasures, with eligibility tied to specific trade/security frameworks. EU Digital Identity: After 20 years, the .eu domain is framed as everyday European infrastructure, with the choice of a European top-level domain seen as a signal of community rather than a technical upgrade. Market Watch (Furniture): Europe’s upholstered furniture sector remains highly fragmented, with concentration slowly rising and Liechtenstein-based Cotta Collection among the notable manufacturers by market share. Cross-border Trade (EFTA–India): India and EFTA will review the TEPA trade pact at a summit in October, aiming to tackle market-access and procedural bottlenecks as exports to the bloc have fallen. Local/Regional Context: A separate report notes relaxed staffing rules in healthcare to ease shortages, relevant for services and workforce planning.

US Pharma Tariffs, Liechtenstein in the Mix: The US Commerce Department has published a Federal Register list granting 0% ad valorem tariff treatment for select speciality medicines and related ingredients from 20 jurisdictions, including Liechtenstein, even as a broader 100% Section 232 tariff on certain patented drugs expands from 29 September. The zero-duty categories are narrowly defined (rare-disease drugs, infertility treatments, cell and gene therapies, antibody-drug conjugates, nuclear and plasma-derived medicines, plus certain medical countermeasures and animal pharmaceuticals), and eligibility depends on product qualification and applicable trade/security frameworks. EFTA Trade Check-In: India and EFTA (including Liechtenstein) will review the TEPA trade pact at an October summit in New Delhi, with officials pointing to declining Indian exports to the bloc and looking at market access and procedural bottlenecks. Market Watch: Europe’s upholstered furniture sector remains highly fragmented, with concentration slowly rising on the retail side and no single manufacturer holding even a 3% share—Cotta Collection (Liechtenstein) is named among the larger producers.

US–Liechtenstein Pharma Trade: The US Commerce Department has put Liechtenstein (along with 19 other jurisdictions) on a zero-tariff list for specific speciality medicines and related ingredients, even as a broader 100% tariff on certain patented pharma imports ramps up from Sept. 29. The exemption is product-specific (rare diseases, fertility drugs, cell and gene therapies, antibody-drug conjugates, nuclear and plasma-derived therapies, plus some veterinary products) and hinges on qualifying under an eligible trade/security framework. Healthcare Workforce Policy: Ireland is temporarily relaxing a “50:50 rule” limiting non-EEA workers to half of an organisation’s staff to ease healthcare shortages—an issue that has hit nursing homes, home-care and disability services hardest. EU Biotech Access: Neuraxpharm’s NEZGLYAL® (leriglitazone) has received EU marketing authorisation under exceptional circumstances for childhood cerebral adrenoleukodystrophy, with Germany expected to be the first launch market. Cross-border Industry Links: The Việt Nam–EFTA free trade deal is expected to open new export opportunities for seafood, but firms will need to meet stricter quality, traceability and sustainability requirements.

Pharma Tariffs, Liechtenstein Included: The US Commerce Department says it will apply a 0% ad valorem tariff to certain “specialty” drugs and ingredients imported from India and 19 other jurisdictions, including Liechtenstein, even as a 100% tariff on covered patented pharma imports is set to start Sept. 29. The carve-out targets treatments for rare diseases, infertility, cell and gene therapies, antibody-drug conjugates, and animal pharmaceuticals, with components also covered. Trade & Industry Link: A separate report notes the exemption is tied to qualifying trade and security frameworks, meaning eligibility isn’t automatic. EFTA Deal Moves Through Brazil: Brazil has formally incorporated the Mercosur-EFTA free trade agreement; preferential tariffs for Switzerland and Liechtenstein depend on their internal procedures. Local Market Watch: Geely has entered Switzerland with three new energy models, with Emil Frey also acting as importer for Liechtenstein.