Switzerland backs India trade push

Swiss President Guy Parmelin received a red-carpet welcome in India on Monday when he met with Prime Minister Narendra Modi for discussions on enhancing trade and investment ties.

Parmelin's visit marks the beginning of a three-day trip, one year after the signing of a trade agreement with a four-member European bloc consisting of Switzerland, Norway, Iceland, and Liechtenstein. The agreement aims to invest $100 billion in India over the next 15 years, facilitating easier access for Indian companies to European markets and allowing European businesses to penetrate the Indian market, which is the world's most populous nation and fastest-growing major economy.

Addressing reporters, Parmelin emphasized the importance of celebrating their achievements so far and shaping their future collaboration. Modi thanked Parmelin for his personal support in securing the EFTA trade deal, which opened up market access for India's exports in Switzerland and streamlined investment between the two nations.

These improvements will boost the export of Indian agriculture, pharmaceutical, textile, and engineering goods to Switzerland, as well as attract new Swiss investment in sectors such as biotech, life sciences, banking, insurance, food processing, and sustainability.

Additionally, both countries signed a mobility agreement to provide more opportunities for Indian students and professionals to study and work in Switzerland.