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Swiss government submits India free trade agreement to parliament

"By concluding the agreement with India, the world's most populous country, we are finally filling one of the biggest gaps on our free trade network map," said Swiss Economics Minister Guy Parmelin on Thursday.
"By concluding the agreement with India, the world's most populous country, we are finally filling one of the biggest gaps on our free trade network map," said Swiss Economics Minister Guy Parmelin on Thursday. Keystone-SDA

The Swiss government has submitted its proposed free trade agreement with India to parliament. It is expected to debate the treaty in the upcoming spring and winter parliamentary sessions.

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Switzerland signed the agreement between India and the European Free Trade Association (EFTA), which includes the Alpine nation, in March, alongside the other EFTA members after sixteen years of negotiations.

+ Switzerland signs free trade deal with India

The deal strengthens the competitiveness of Swiss exports in the world’s most populous country, the Swiss government said in a statement on Thursday.

While India currently levies very high tariffs on most imported products, EFTA is the first European partner to sign such an agreement with New Delhi.

+ Swiss trade deal: Is India changing its tune on pharma patents?

Under the agreement, 94.7% of Swiss exports to India will benefit from tariff relief. The agreement includes a chapter on investment promotion and cooperation. It also includes a comprehensive, legally binding chapter on trade and sustainable development.

Translated from German by DeepL/sb

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