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India, Switzerland Strengthen Ties with New Trade Deal & Tech Collaboration

Senior diplomats from India and Switzerland met on the sidelines of the Raisina Dialogue to discuss enhancing bilateral cooperation. The discussions centered on implementing the newly signed India-EFTA Trade and Economic Partnership Agreement to boost technological collaboration and investments. The bilateral relationship has been strengthened by high-level visits, including those by Prime Minister Narendra Modi and former Swiss President Doris Leuthard. The talks also covered expanding opportunities for Swiss pharmaceutical companies in India's healthcare sector.

Key Points: India-Switzerland Bilateral Talks: FTA, Tech & Investment Focus

  • New India-EFTA trade deal signed
  • Focus on pharma & tech investment
  • Historical commercial ties since 1851
  • High-level visits strengthened relations
2 min read

India and Switzerland discuss strengthening bilateral ties across diverse sectors

India and Switzerland discuss strengthening bilateral cooperation, implementing the new EFTA trade deal, and boosting investments in pharma and tech sectors.

"Implementation of India EFTA TEPA will foster technological collaboration, quality investments and create job opportunities - Randhir Jaiswal"

New Delhi, March 6

Sibi George, Secretary at the Ministry of External Affairs, held a meeting with visiting Swiss State Secretary of Foreign Affairs Alexandre Fasel on the sidelines of the 11th Raisina Dialogue in New Delhi on Friday with discussions focused on strengthening bilateral cooperation across various sectors.

During the meeting, George and Fasel also discussed regional and global developments.

"Secretary (West) Ambassador Sibi George met Swiss State Secretary of Foreign Affairs, Mr. Alexandre Fasel on the sidelines of the 11th Raisina Dialogue in New Delhi today. Discussions were held on strengthening bilateral cooperation across diverse sectors and views were exchanged on regional and global developments. Implementation of India EFTA TEPA will foster technological collaboration, quality investments and create job opportunities," MEA spokesperson Randhir Jaiswal posted on X after the meeting.

According to the MEA, commercial contacts between India and Switzerland date back to the early 19th century when in 1851 the Volkart Trading Co. established its offices in Basel and Mumbai. During the First World War, Switzerland set up its consulates in key locations around the world, including in Mumbai, to secure food and economic prospects.

Bilateral ties achieved new heights following PM Narendra Modi's visit to Switzerland in 2016 and 2018 and that of the Swiss President Doris Leuthard to India in 2017.

Negotiations on bilateral Free Trade Agreement (FTA) started in October 2008 and, after 21st round of negotiations held over 16 years, the agreement was finally signed in March 2024. With it, Switzerland and the other European Free Trade Association (EFTA) States - also including Iceland, Liechtenstein and Norway - became the first European partners to conclude a Free Trade Agreement (FTA) with India.

Last November, Union Commerce Minister Piyush Goyal held a meeting with Switzerland's State Secretary for Economic Affairs Helene Budliger Artieda, where they discussed investment opportunities for the pharmaceutical sector.

"Co-chaired a meeting with SECO State Secretary Helene Budliger Artieda with Swiss pharma and biotech companies. Discussions focused on avenues of further cooperation in R&D and expanding investment opportunities for Swiss pharma companies to leverage India's robust healthcare sector," Goyal stated in a post on X after the meeting.

"Also, discussed the progress made under the India-EFTA Trade and Economic Partnership Agreement (TEPA) with an aim to further enhance collaboration across key sectors for mutual growth," he added.

- IANS

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Reader Comments

P
Priya S
It took 16 years to finalize the FTA? That's a very long time. While I'm happy it's done, I hope future agreements are negotiated faster. The world moves quickly and we can't afford such delays if we want to be a leading economy.
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Rohit P
More job opportunities and tech collaboration sounds promising. Hope the benefits reach MSMEs and not just big corporations. Swiss investments in our healthcare sector could really improve quality and accessibility for the common man.
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Sarah B
The historical connection since 1851 is fascinating! Long-standing ties often make for stronger partnerships. Looking forward to seeing what this brings in terms of innovation and sustainable development projects.
K
Karthik V
Good step. But we must ensure our domestic industries are protected and that this agreement is truly mutually beneficial. "Quality investments" is the key phrase here – we need technology transfer and skill development, not just assembly lines.
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Nisha Z
As someone in the biotech field, this is very exciting! Collaboration with Swiss companies can accelerate our research in affordable medicines and vaccines. Hope this also means more opportunities for Indian students and researchers to work in Switzerland.

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