India, Switzerland deepen economic ties, focus on trade and investment — Commerce Secretary

NEW DELHI — India and Switzerland are strengthening their economic partnership with a focus on expanding market access, facilitating investment and deepening cooperation in infrastructure, technology, innovation and supply chains, Commerce Secretary Rajesh Agarwal said on Tuesday.

In a post on X, Agarwal said India and the European Free Trade Association (EFTA) countries had implemented the Trade and Economic Partnership Agreement (TEPA) last year, describing it as India's first free trade agreement with a European economic bloc.

The agreement provides a framework for investment, innovation, jobs and shared prosperity, Agarwal said.

Prime Minister Narendra Modi has emphasised the importance of translating the growing India-Switzerland partnership into concrete outcomes in trade and investment, Agarwal said.

Earlier this week, PM Modi said two sides shared a commitment to democratic values, the rule of law, dialogue and diplomacy and would continue to work together for global peace and stability.

Addressing a joint press conference with Swiss President Guy Parmelin after their talks in New Delhi on Monday, PM Modi said the two countries agreed that reforms in global institutions were essential to address growing global challenges.

"India and Switzerland both believe in democratic values, rule of law, dialogue and diplomacy," PM Modi said and added that India had consistently supported meaningful efforts towards peace in Ukraine and West Asia.

"We have taken several important decisions to enhance market access for India's exports in Switzerland and to further facilitate investment between the two countries. This will increase the export of India's agriculture, pharma, textile, and engineering goods to Switzerland. At the same time, we will attract new Swiss investment in India's important sectors such as biotech, life Sciences, banking, insurance, food processing, and Sustainability," he said.

Apart from that, PM Modi and Swiss President Parmelin reviewed the entire spectrum of bilateral ties and discussed ways to further deepen cooperation in trade, investment, innovation, Artificial Intelligence (AI), military matters, defence production, nuclear energy, science and technology, and people-to-people ties.