New Delhi, Oct 5: India’s first free trade agreement with an economic bloc in Europe has opened a new phase of trade and investment ties, with Prime Minister Narendra Modi highlighting a USD 100 billion investment goal under the pact during his meeting with Swiss President Guy Parmelin on Monday, ANI reported.
Modi said the agreement targets USD 100 billion in investments in India over the next 15 years and is expected to create around 10 lakh direct jobs. The Prime Minister said India and Switzerland were also working to improve market access for Indian products. Agriculture, pharmaceuticals, textiles and engineering goods are among the sectors that could benefit from the agreement.
The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) came into effect last year. It is aimed at increasing trade and investment between India and the four EFTA countries — Switzerland, Norway, Iceland and Liechtenstein.
Modi held delegation-level talks with Parmelin at Hyderabad House in New Delhi. The two leaders discussed ways to further strengthen economic cooperation between India and Switzerland.
India is also seeking greater Swiss investment in different areas including biotechnology, life sciences, banking, insurance, food processing and sustainability. “We have taken several important decisions to enhance market access for Indian exports to Switzerland and to further facilitate investment between the two countries. This will increase the export of India’s agriculture, pharma, textile, and engineering goods to Switzerland. At the same time, we will attract new Swiss investment in India’s important sectors such as biotech, banking, insurance, food processing and sustainability.” ANI reported Modi as saying.
Modi highlighted new agreements on migration and mobility and young professionals. These arrangements are expected to provide more opportunities for Indian students, researchers and professionals in Switzerland.
Parmelin is on a three-day State visit to India. This is his first State visit to the country. He had earlier visited India in February to attend the AI Impact Summit in New Delhi. The Swiss President is also scheduled to meet President Droupadi Murmu during his visit. The President will host a ceremonial banquet in his honour.
The Swiss President is expected to attend the second India-EFTA Prosperity Summit on October 7. The summit will take place around the first anniversary of the implementation of the India-EFTA trade agreement. The latest talks are expected to give further momentum to India-Switzerland cooperation in trade, investment, technology and other key areas. (With ANI inputs)
