NEW DELHI: India and Switzerland looked to deepen cooperation in trade and investment, technology, defence production and nuclear energy as PM Narendra Nodi held talks with visiting Swiss president Guy Parmelin. The 2 countries also signed 5 agreements, including 1 for a migration and mobility partnership and another for exchange of young professionals.Identifying innovation, infrastructure, and advanced technology as strong pillars of the bilateral partnership, Modi said India and Switzerland were going to give the relationship a new momentum and take it to new heights.The 2 countries set up a committee to facilitate trade and investment and address trade-related concerns, building upon the Trade and Economic Partnership Agreement (TEPA) signed between India and the European Free Trade Association (EFTA) countries in 2024. TEPA was India’s first FTA with any economic bloc in Europe, as Modi recalled.“It is also an ambitious blueprint for investment, innovation, jobs, and shared prosperity. Through this, we aim to achieve the targets of $100 billion in investment in India and 1 million direct jobs over the next 15 years,” said Modi in his media statement.Key Highlights of TEPA included enhanced market access for Indian goods and services, $ 100 billion investment commitment over 15 years, creation of 1 million jobs in India and stronger bilateral relations with EFTA nations – Switzerland, Norway, Iceland, and Liechtenstein.The leaders discussed the conflicts in Ukraine and West Asia, with the Swiss president welcoming Modi’s message to Russian President Vladimir Putin to end the war.Modi said India and Switzerland believe in democratic values, the rule of law, dialogue, and diplomacy and will continue to work together for global peace and stability.“Whether it is Ukraine or West Asia, India has consistently supported every meaningful effort towards peace,” he said, adding that the leaders also agreed that reforms in global institutions are essential to address the growing global challenges.The PM said that the mobility agreement will open up many new opportunities in Switzerland for Indian students, researchers, professionals, and young people. The mobility agreement provides for multiple-entry visas for upto 5 years, including stays of upto 6 months on each visit, and renewable 1-year student permits.Apart from the mobility agreement, the 2 sides also signed another MoU to govern the exchange of young professionals taking up temporary employment in the other country to enhance their professional and language skills within their field. According to the Indian government, the MoU incorporates exchange of 300 persons annually per country, which may increase to 500, and a timeline of 30/90 days for verification of nationality/residency status, among other provisions.Modi said both countries had taken several important decisions to increase market access for Indian exports in Switzerland and further facilitate investment between the two countries.“This will help increase exports of Indian agricultural products, pharmaceuticals, textiles, and engineering goods to Switzerland. At the same time, we will attract new Swiss investments into key sectors in India, such as biotechnology, life sciences, banking, insurance, food processing, and sustainability,” said Modi, adding that through these initiatives, both countries will work together to develop trusted supply chains and reliable solutions for the world.In his remarks, Parmelin said the partnership is mutually beneficial. “India gains from capital, technology transfers, and facilitated access to markets for high-value-added goods. Switzerland, for its part, benefits from exchanges with an immense partner experiencing sustained growth, at a time when global trade has become more exposed and unpredictable,” said Parmelin, who currently holds the rotating Swiss Confederation presidency.
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The PM thanked Parmelin for visiting India with a large business delegation and attending the “Prosperity Summit” that India will host this week with India-EFTA business leaders.“This summit will serve as an important platform to turn the promise of our trade and investment partnership into concrete outcomes. I also extend my very best wishes to all the business leaders participating in this summit,” he said.
