(MENAFN- Swissinfo)
India is one of Switzerland's main trading partners in Asia. Keystone/Peter Klaunzer
Top officials from Switzerland, Iceland, Liechtenstein and Norway met with India's trade minister, Shri Piyush Goyal, in Brussels on Saturday to“intensify” negotiations for a future free trade agreement between European Free Trade Association (EFTA) states and India.
This content was published on May 14, 2023 May 14, 2023 swissinfo.ch/sb Guy Parmelin, head of the Swiss Federal Department of Economics, Education and Research, led the delegation on behalf of EFTA.
“Overall, the high-level meeting was a positive step to advance negotiations on an EFTA-India free trade agreement that can bring significant economic benefits to both parties,” the economics ministry saidexternal link in a statement on Sunday.
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It is hoped that an EFTA-India agreement could create new business opportunities on both sides, and lead to increased trade and investment flows, job creation and economic growth, the statement said.
India is one of Switzerland's main trading partners in Asia according to the Swiss economics ministry, but talks about a free trade deal, launched in 2008, have so far made limited progress.
Annual trade between Switzerland and India comes to around CHF30 billion ($31.7 billion), with exports largely driven by precious metals, machines, pharmaceutical products and chemicals. Imports are notably chemicals, textiles, precious metals and agricultural goods, according to the Swiss economics ministry.
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Switzerland is also a significant source of foreign direct investment in India; and more than 300 Swiss companies there employ some 130,000 people, according to Economiesuisse business federation figures from 2021.
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