Banking on market access and FTAs

PASSING THROUGH: Dorris leuthrad

Leuthrad, who is part of the seven-member Swiss Cabinet, was in India in the first week of May to foster closer ties between the two countries and celebrate 60 years of Indo-Swiss friendship after India attained independence. The objective was simple: promote Switzerland as an investment destination for Indian firms and promote Swiss businesses in India. She was accompanied by representatives from 25 Swiss firms, including some board members.

Besides her meetings with the Union commerce, finance and science ministers in Delhi, she met officials at the Reserve Bank of India to understand the modalities of seeking banking licence in India. After UBS, Swiss bank Credit Suisse has sought a licence to start banking operations in India as reported earlier in Business Standard.

While Swiss foreign trade policy supports multilateral agreements that provide Swiss companies the same market access and legal security as local firms get, Leuthrad feels that Switzerland should play the FTA card, together with partners in European Free Trade Association (EFTA), as she said in 2006.

That's because she firmly believes that Switzerland is an attractive sales market, offers very good and internationally competitive products, and is also in demand as an investor. She has been keen that EFTA, which includes Iceland, Norway and Liechtenstein, enters into a free trade agreement (FTA) with India.

Speaking in Mumbai at the end of her visit, Leuthard said the EFTA had moved closer to sealing a FTA with India.