Swiss president visits India to boost trade ties
- India and Switzerland solidified a major trade deal, boosting Indian exports and attracting significant Swiss investment
NEW DELHI: Swiss President Guy Parmelin was given a red-carpet welcome in India on Monday as he met Prime Minister Narendra Modi for talks on trade and investment.
“My visit is a stepping stone towards further growth,” Parmelin said, adding that the three-day visit comes a year after a trade deal was signed with a four-member European bloc that compromises Switzerland, Norway, Iceland, and Liechtenstein.
Under that deal, the European Free Trade Association (EFTA) aims to invest $100 billion in India over 15 years.
The deal cuts tariffs, making it easier for Indian companies to sell goods into the four EFTA markets, while giving European companies greater access to India, the world’s most populous nation and fastest-growing major economy.
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“It is the right moment to celebrate how far we have come together but, even more importantly, to shape our joint future,” Parmelin told reporters. He was last in India in February for an artificial intelligence summit in New Delhi.
Modi thanked Parmelin for his “personal support” on the EFTA trade deal.
Both countries took “several important decisions to increase market access for India’s exports in Switzerland and to make investment between the two countries smoother,” Modi said during a joint news conference with Parmelin.
“This will increase the export of India’s agriculture, pharma, textile, and engineering goods to Switzerland.”
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It would also “attract new Swiss investment in India’s important sectors such as biotech, life sciences, banking, insurance, food processing, and sustainability,” Modi said.
Both governments also signed a mobility agreement on Monday that Modi said would open up more opportunities for Indian students and professionals in Switzerland.