India-switzerland

Jaishankar to embark on visit to Saudi Arabia, Germany, Switzerland on Sun

External Affairs Minister S Jaishankar will on Sunday embark on a six-day visit to Saudi Arabia, Germany and Switzerland with a larger aim to boost overall bilateral ties and deliberate on pressing regional and global challenges. He will first travel to the Saudi capital Riyadh on a two-day trip primarily to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting, according to the Ministry of External Affairs (MEA). The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23. In Riyadh, Jaishankar is also expected to hold bilateral meetings with foreign ministers of several GCC member countries. The MEA said India and the GCC enjoy a deep and multifaceted relationship, including in areas of trade and investment, energy, cultural and people-to-people ties. "The GCC region has emerged as a m

Switzerland govt submits EFTA-India trade agreement to Parliament

In 2018, after EFTA and Indonesia signed an FTA, a Swiss non-government organisation Public Eye highlighted deforestation in Indonesia for palm tree cultivation as well as the death of orangutans

'Huge potential': Piyush Goyal asks Swiss firms to invest in India

Commerce and Industry Minister Piyush Goyal has asked Swiss companies to invest in India as several sectors hold huge potential, an official statement said on Tuesday. The minister was on an official visit to Switzerland at the invitation of his Swiss counterpart Federal Councillor Guy Parmelin. "The two ministers had engaging and fruitful discussions with prominent Swiss and Indian captains of industry over the breakfast meeting on July 15," the commerce ministry said. He encouraged Swiss companies to become part of India's growth story and invest in its growing and dynamic market. A 12-member Indian business delegation also had networking opportunities with Swiss entrepreneurs. The key objectives of the visit were to discuss next steps for the implementation of the historic India-EFTA Trade and Economic Partnership Agreement (TEPA) which was signed on March 10. Switzerland ranks as India's 20th largest trading partner globally with bilateral trade of USD 21 billion in 2023. It

India friend of world, expect it to bring peace to Ukraine: Switzerland

India is a friend of the world and the global community expects it to contribute significantly in bringing peace to war-torn Ukraine, Swiss State Secretary of Foreign Affairs Alexandre Fasel said on Friday as Switzerland prepares to host a major summit next month to end the conflict in Ukraine. Fasel held wide-ranging talks with his Indian interlocutors and extended an invitation to the Indian prime minister for participating at the summit that is aimed at charting a course for a just and lasting peace in Ukraine. Switzerland has extended invitations to over 160 countries for the summit to be held on June 15 and 16. "India is a friend of the world. There is really an expectation from the international community that India can contribute to this (peace) process," Fasel told PTI in an interview. "India is a friend of peace. India has a great experience in conflict transformation and peace promotion. The expectation really is that we can work together and count on India's support," he

India can reverse mkt access to EFTA if FDI commitments not met: Artieda

$100 billion FDI is a massive number. It took my breath away, said Swiss State Secretary for Economic Affairs Helene Budliger Artieda

Will get duty-free access to India for selected agri products: Switzerland

Switzerland on Sunday said it will get duty-free access to the Indian market for selected agricultural products after a transition period of up to ten years under the trade agreement signed between India and EFTA. India on Sunday signed the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received an investment commitment of USD 100 billion from these four European countries. EFTA members are Switzerland, Norway, Iceland and Liechtenstein. "India is now the most populous country in the world. The growing middle class in particular is contributing to major growth potential. However, India currently levies very high import tariffs on most products," Switzerland said in a statement. Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods, it added. Swiss Federal Councillor Guy Parmelin an

Duty concession on gold imports from Switzerland under EFTA on table

India may give quota-based duty concession on gold imports from Switzerland under the proposed free trade agreement with the four European nation bloc EFTA, sources said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Sources also said that India has sought an investment commitment of USD 50 billion during the first ten years after the implementation of the agreement and another USD 50 billion over the next five years from the member countries of the bloc. Import duty concession on gold was a major demand of Switzerland from India in the agreement. Gold accounts for about 80 per cent of India's imports from Switzerland. New Delhi has extended 1 per cent duty concession to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) in a trade pact with the UAE. "Similar duty concessions are also being worked out under the EFTA agreement," one of the sources said. An email query to the commerce ministry o

Govt seeks investment commitment from Switzerland under EFTA pact: Report

India has sought investment commitments from Switzerland under the proposed free trade agreement with the four-nation EFTA bloc, a top government official said on Tuesday. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The official also said negotiations for the pact are at an advanced stage and both sides are trying to conclude it fast. The investment commitment would help India balance Switzerland's decision to remove customs duties on most of its goods. When asked if this move would have an implication on the agreement, the official said that it can be bargained against many other things. "We have told them that we will be requiring commitments on investments so that this zero duty on goods can balance more investments and more manufacturing in the country," the official told PTI. The Indian negotiators are also trying to see how the Swiss companies can come and manufacture in India so that it gives a boost to Make in In

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Switzerland and India reach deal on FTA after 16 years of negotiations

The agreement "will create jobs for the young population of India, and secure employment in Switzerland," Parmelin said in an interview with the Swiss newspaper Sonntagszeitung

Optimistic about EFTA deal with India before 2024 polls, says Swiss envoy

Switzerland's Ambassador to India, Ralf Heckner, has expressed optimism that the crucial European Free Trade Association (EFTA) deal with the country would be wrapped up before the 2024 general elections. Heckner stressed on the importance of the proposed trade deal for unlocking innovation and investment opportunities. "Both sides have been negotiating very closely and seriously over the last more than 12 months. I remain positive that the deal would be wrapped up before the (2024) elections," he told PTI. The envoy was recently in the city to unveil the Kolkata chapter of the Swiss-India Chamber of Commerce. Parliamentary elections in India are due in early 2024. "If India wants innovation, it needs to work with about 12 to 15 countries, and one of those countries is Switzerland for a world of investments and innovation," We will have a more strategic innovation relationship with India, Heckner stated. Noting the sharp rise in visa application processing numbers, which hit a r

India-Swiss relations example in today's era of war: Ambassador Heckner

Peaceful and friendly relations like the one between Switzerland and India are the way to go, especially in today's era of war, Swiss Ambassador Ralf Heckner said at the 'SwitzerlandIndia in Bloom' event here marking the 75 years of friendship treaty between the two countries. The event, held at the Embassy of Switzerland on Friday, commemorated this historic milestone through a lot of symbolism created through floral artwork. "Seventy-five years back India and Switzerland signed a friendship treaty and India had chosen Switzerland as the first country to sign the friendship treaty with after Independence. "So we are celebrating today friendship and peace. Those are the two words that we find in that treaty, and especially today in an era of war... peaceful and friendly relations like the one between Switzerland and India are definitely the way to go," the Ambassador told PTI. Switzerland and India signed the "Treaty of Friendship and Establishment" on August 14, 1948. This was the

Union Minister Piyush Goyal meets business delegation led by Swiss minister

Union Commerce and Industry Minister Piyush Goyal has met a business delegation led by Member of the Swiss Federal Council Guy Parmelin ahead of 75 years of the India-Switzerland Friendship Treaty.According to Piyush Goyal's Office, both sides discussed ways to expand trade and investment, giving further strength to the India-Swiss partnership."Union Commerce Minister Piyush Goyal met a business delegation led by Guy Parmelin, the Swiss Head of Dept of Economic Affairs, ahead of 75 yrs of India-Switzerland Friendship Treaty "Both sides discussed ways to expand trade & investment," the Piyush Goyal's Office tweeted on Tuesday.Since India's independence, Switzerland and India have developed warm and friendly ties based on their commitment to democracy and the rule of law. On August 14, 1948, both the nations signed a Treaty of Friendship in New Delhi, marking a significant defining moment in India-Swiss relations and one of the first of its kind to be signed by an independent ...

No tax on $6.38 bn transaction with Adani Group, says Holcim CEO

As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion (USD 6.38 billion)

India-made stimulants, Covid drugs dominate illegal imports in Switzerland

Around 150 of the packages seized were connected with the Coronavirus including anti-parasitics containing ivermectin, medicinal products containing hydroxychloroquine or antibiotics from India

Swiss group launches offer for Indians to take up residency, set up firms

One of the key areas of focus would be helping people get Swiss residency under the applicable Swiss laws by providing them a complete relocation solution.

India-Swiss air service pact to be amended, Cabinet nod to signing protocol

The release added that under the amendments, multiple airlines would be allowed to conduct operations between the two countries. Till date, only two airlines were permitted

India, Switzerland call for greater information exchange in tax matters

The first transmission of financial account information on automatic basis between the two countries took place in September 2019 for enhanced cooperation in the fight against tax evasion

India, Switzerland working 'very closely' on tax info exchange

Switzerland disclosed names of over dozen Indians amid suspicion of Indian govt that their accounts in Swiss banks were being used for stashing illicit money