Free trade on the table for Swiss minister in India

Swiss Economics Minister Guy Parmelin. © Keystone / Peter Klaunzer

Swiss Economics Minister Guy Parmelin has wrapped up a two-day visit to India where he hoped to spark “a new impulse” for negotiations on a free trade agreement.

Regarding the long-running noises about a trade deal, Parmelin told SRF public radio on Tuesday that “there are positive signals on the political level”.

He also wrote on Twitter that “a high level meeting is planned before the end of the year on this subject [of a free trade agreement]”.

The visit, and Parmelin’s statements about a possible deal, come just two months after the Swiss finance minister, Ueli Maurer, visited India and also expressed a desire to “rapidly complete” negotiations. Talks between India and the European Free Trade Association (Switzerland, Norway, Iceland, and Liechtenstein) have however made little progress since being launched in 2008.

Parmelin’s visit included meetings with Indian counterparts Piyush Goyal and Srivari Chandrasekhar; with the latter, discussions focussed on the creation of a Swiss-Indian “innovation platform” which would be focussed on issues of sustainability, health, and digitalisation, said the Swiss consulate in Bombay.

Parmelin also raised the question of patent safeguards to protect Swiss business investments in India, he told SRF.

Trade Potential

India is Switzerland’s second-biggest trade partner in Asia (after China), with annual trade between the two coming to around CHF30 billion ($31.7 billion). Swiss exports are largely driven by precious metals, machines, pharmaceutical products and chemicals, while imports are notably chemicals, textiles, precious metals and agricultural goods.

Switzerland is also a big source of foreign direct investment in India; more than 300 Swiss companies there employ some 130,000 people, the Economiesuisse business federation wrote last year.