Swiss president visits India to boost trade ties

Swiss President Guy Parmelin was warmly received in India on Monday as he held discussions with Prime Minister Narendra Modi on trade and investment. Parmelin expressed optimism, stating that his visit would be a catalyst for further growth. This three-day visit followed a trade agreement signed a year ago with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein.

The EFTA aims to invest $100 billion in India over a 15-year period. The deal reduces tariffs, facilitating Indian goods' entry into EFTA markets, while granting European businesses greater access to India, the world's second-most populous nation and fastest-growing major economy. The Swiss president, who previously visited India in February for an AI summit, emphasized the importance of commemorating their achievements and planning their shared future.

Indian Prime Minister Modi thanked Parmelin for his support on the EFTA trade deal, noting that both nations had taken significant steps to enhance market access for Indian exports in Switzerland and streamline investment between the two countries. They would target sectors like agriculture, pharmaceuticals, textiles, and engineering goods for increased exports to Switzerland.

Additionally, the visit saw the signing of a mobility agreement, which Modi claimed would provide more opportunities for Indian students and professionals in Switzerland.