Virtual meeting between Federal Councillor Guy Parmelin and Indian Commerce and Industry Minister Piyush Goyal
Bern, 08.12.2020 - On 8 December, Federal Councillor Guy Parmelin, the head of the Federal Department of Economic Affairs, Education and Research EAER, held a virtual meeting with India’s Minister of Commerce and Industry, Piyush Goyal. The talks focused on bilateral economic relations and a free trade agreement between the EFTA states and India.
The meeting between Federal Councillor Guy Parmelin and Commerce and Industry Minister Piyush Goyal to review bilateral economic relations between Switzerland and India. The two ministers discussed negotiations aimed at securing a free trade agreement, as well as on a new investment protection agreement, after India withdrew from the old agreement in April 2016.
With a population of 1.3 billion people, strong economic growth prior to the pandemic-related economic crisis and skills in high-tech fields, the Indian market offers considerable potential for Swiss businesses. India is both a market for business, but also important as a production location and for the purchase of components. With bilateral trade amounting to CHF 20.1 billion in 2019, India is our second largest economic partner in Asia after China. Switzerland is also a major investor in India. Up to the end of 2018, the 300 Swiss companies operating in the country had invested a total of CHF 6.2 billion. However, the coronavirus pandemic has had a significant economic impact on trade between India and Switzerland. In addition to a free trade agreement, negotiations on an investment protection agreement are also of particular importance to ensure a solid legal framework for Swiss businesses.
Address for enquiries
GS-EAER Communication Service
058 462 20 07
info@gs-wbf.admin.ch
Publisher
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
