Federal Councillor Guy Parmelin receives Indian Commerce and Industry Minister Piyush Goyal
Bern, 15.07.2024 - On 15 July, Federal Councillor Guy Parmelin, head of the Federal Department of Economic Affairs, Education and Research (EAER), received Indian Minister of Commerce and Industry, Piyush Goyal, who had taken up an official invitation from Federal Councillor Guy Parmelin. Discussions focused on the free trade agreement signed by the EFTA States and India in Delhi on 10 March.
Mr Goyal's visit to Switzerland began with a meeting with around forty Swiss and Indian business representatives. Swiss business leaders expressed their interest in potential investments in India and shared their thoughts on the subject. Both the Swiss and Indian business representatives stressed their enthusiasm for the new opportunities for cooperation.
Federal Councillor Guy Parmelin then held bilateral talks with Minister Piyush Goyal. Their discussion focused on the next steps in the approval and implementation of the Free Trade Agreement (FTA) signed by the EFTA States and India in Delhi on 10 March, as well as the importance of negotiating a new bilateral investment protection treaty, following India's termination of the treaty in 2016.
India, the world's fifth largest economy, boasts a young, technologically skilled workforce and a rapidly expanding middle class, giving it strong potential for growth. India's annual GDP growth rate is 6.8%, according to estimates by the International Monetary Fund (IMF). With bilateral trade worth CHF 17.7 billion in 2023 (including trade in precious metals), including a positive trade balance of CHF 12.5 billion, India is a major economic partner for Switzerland. Switzerland is also a major investor in India, ranking seventh among foreign direct investors with CHF 8.1 billion, according to data from the Swiss National Bank (SNB). Finally, more than 330 Swiss companies are active in India through joint ventures or branches, helping to create around 166,000 jobs.
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Federal Department of Economic Affairs, Education and Research
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State Secretariat for Economic Affairs
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