'Great achievements already made': Swiss President Parmelin on India-EFTA trade pact's first year
The India-European Free Trade Association Trade and Economic Partnership Agreement has been effective since its implementation a year ago. Swiss President Guy Parmelin stated that strong interest from companies has been evident in various sectors. This agreement is expected to significantly enhance bilateral trade and attract long-term investment. Additionally, Switzerland seeks to strengthen…
On October 1, the India-EFTA Trade and Economic Partnership Agreement (TEPA) marked its first anniversary. Swiss President Guy Parmelin, representing EFTA's largest economy, is currently in India to discuss the pact's progress. Parmelin stated that TEPA is already generating significant results and fostering a conducive environment for long-term investment and employment.
India has shown great leadership in amplifying underrepresented voices in global technology discussions, according to Parmelin. He added that Switzerland intends to build upon this progress. Since TEPA's implementation, there has been strong interest from companies in the agreement, leading to investments in various sectors.
Parmelin anticipates that TEPA will significantly enhance bilateral trade between Switzerland and India in the coming years. Beyond boosting trade, TEPA aims to create conditions for deeper and lasting economic ties, encouraging long-term investment, employment, innovation, and sustainable growth.
The primary objective of Parmelin's visit is to strengthen the relationship between Switzerland and India, which is one of the world's most dynamic economies. The visit seeks to reinforce bilateral ties and assess the implementation of TEPA, which has introduced new opportunities for trade, investment, and innovation.
Switzerland's strategy to increase investment in India revolves around the private sector. The Swiss government aims to provide a stable and attractive framework for such investments. Through TEPA, a robust foundation for deeper economic cooperation has been established, with a strong interest from Swiss companies. Investments are already underway or planned in sectors such as manufacturing, financial services, pharmaceuticals, technology, and logistics.
The momentum is expected to continue as TEPA strengthens confidence and opens up new opportunities for long-term business partnerships between Switzerland and India. Switzerland and India have a longstanding partnership in research and innovation, stemming from the 2003 Agreement on Scientific and Technological Cooperation. This agreement provides the framework for joint activities, funding mechanisms, and structured collaboration based on the researchers' expertise, scientific excellence, and mutual interests.
The bottom-up approach allows collaborations to emerge across various fields, including those relevant to India's Make in India initiative.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
