India and Switzerland on Monday concluded two agreements on the mobility of professionals and agreed to expand access for Indian exports to Swiss markets as Prime Minister Narendra Modi and President Guy Parmelin explored ways to enhance cooperation in defence and nuclear energy.
Parmelin is accompanied by a high-level business delegation and his visit coincides with the first anniversary of the coming into force of the Trade and Economic Partnership Agreement (TEPA) that India signed with the European Free Trade Association ( EFTA ), a bloc that includes Switzerland , Iceland, Norway and Liechtenstein. However, Parmelin emphasised the importance of quickly concluding an agreement on investment protection to stimulate investment.
Parmelin described the partnership as mutually beneficial. Modi described TEPA, India’s first trade deal with any European economic bloc, as an ambitious blueprint for investment, innovation, and jobs that envisages $100 billion in investments and the creation of one million jobs in India over 15 years by the four countries.
India will gain access to capital and technology transfers as well as easier access to markets for high-value-added goods, while Switzerland will benefit from trade “with a massive partner experiencing sustained growth, at a time when global trade has become more exposed and unpredictable”, he said, speaking in French.
These measures will increase India’s exports in agriculture, pharmaceuticals, textiles and engineering goods, and attract new Swiss investments in biotech, life sciences, banking, insurance, food processing and sustainability.
“We have taken several important decisions to expand market access for Indian exports to Switzerland and further facilitate investment between the two countries,” Modi said at a joint media interaction with Parmelin.
