New Delhi: India and Switzerland on Monday signed a migration and mobility partnership pact, decided to expand Swiss market access for Indian exports and agreed to further deepen cooperation in nuclear energy and defence domains following talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin.
Parmelin kick-started his three-day trip to India Monday morning in his first state visit to the country and his second visit this year, having previously attended the AI Impact Summit in February.
Alongside the mobility and migration pact, the two sides inked four other agreements, including a young professionals exchange scheme and a major deal to foster collaboration on transportation technologies, mobility systems, and infrastructure development.
The Ukraine conflict and the situation in West Asia also figured prominently in the discussions, with Modi emphasising that both sides support all meaningful efforts toward peace.
In his media statement, Modi said a series of important decisions were taken to expand market access for Indian exports to Switzerland and further facilitate investment between the two countries.
Switzerland is a major economic partner for India in Europe. Over 330 Swiss companies are currently operating in India in sectors such as engineering, services, precision instruments, chemicals and pharmaceuticals, while Indian companies are present in Switzerland in sectors such as IT, pharmaceuticals and machinery.
The Swiss leader said boosting trade ties was a key focus of the talks. Parmelin noted that Switzerland hopes to conclude an investment protection agreement with India soon to facilitate greater flow of investments into various sectors of the Indian economy.
The bilateral trade and investment ties received a further boost following the coming into force in October of the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) States of Iceland, Liechtenstein, Norway and Switzerland.
Modi said the TEPA is an “ambitious blueprint” for investment, innovation, jobs, and shared prosperity. “Through this, we will realise our goals of $100 billion in investment and one million direct jobs in India over the next 15 years,” he said.
The Prime Minister, describing innovation, infrastructure and advanced technology as strong pillars of India-Switzerland partnership, said both sides are going to give engagement a “new impetus”. “We have taken several important decisions to expand market access for Indian exports to Switzerland and further facilitate investment between the two countries,” he said.
