EFTA nations in talks with India for free trade agreement

Currently, EFTA states is in process of negotiating FTAs with India, Indonesia and Vietnam, says Swiss ForeignMin Didier Burkhalter

Emphasising that free trade pacts help in promoting growth, Swiss Foreign Minister Didier Burkhalter today said Switzerland and three other EFTA member nations are negotiating such an agreement with India.

The European Free Trade Association (EFTA) is a grouping of four countries -- Switzerland, Iceland, Norway and Liechtenstein.

"Currently, the EFTA states is in process of negotiating FTAs with India, Indonesia and Vietnam," Swiss Foreign Minister Didier Burkhalter said at the Asia-Europe Meeting (ASEM), which is being attended by more than 50 overseas dignitaries including 35 foreign ministers.

Further, Switzerland is hoping to resume negotiations with Thailand soon and start talks on free trade pact with Malaysia next year.

According to Burkhalter, free trade agreements promote growth and wealth.

"They add value both for Switzerland and the partner state," he noted.

Switzerland and other EFTA partners "can negotiate quickly, with a high degree of flexibility and with a special focus on the most dynamic economies in the world many of whom are in Asia," he added.

Already, Switzerland has FTAs with Singapore and Korea, both together with EFTA partners. Besides, the country has such pacts with Japan and China, both concluded on a bilateral level.

Switzerland has 28 free trade agreements with 38 partners outside the European Union.

Stressing the growing importance of Asia, the Minister said while in 2000, Asia accounted for 10% of Switzerland's external trade but by 2010, the same increased by one third, overtaking the Americas.

"All available data indicate that this trend will continue. While we continue to value our relationship with the current main trading partners in Asia and Europe, we definitely want to expand our business to new partners," he said.

ASEM member countries account for 60% of the world's current population, almost half of global GDP and close to 70% of trade worldwide.