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Switzerland, India Sign MoU On Financial Cooperation

by Ulrika Lomas,, Brussels

05 October 2011

Within the framework of a state visit to Switzerland by the President of the Republic of India, Pratibha Devisingh Patil, Swiss State Secretary Michael Ambühl and Chitra Narayanan, the Republic of India Ambassador to Switzerland, signed a memorandum of understanding (MoU) on cooperation between the two countries on financial matters.

Commenting on the signing, the Swiss federal administration states that: “With the signature of the memorandum of understanding, the Federal Department of Finance (FDF) and India's Ministry of Finance have laid the foundations for fostering financial dialogue between the two countries.”

It explains: “The objective of the financial dialogue is to strengthen and intensify cooperation between Switzerland and India in the financial sector. Thanks to financial dialogue, the Swiss and Indian authorities will establish regular and privileged contacts in the financial sector to identify common interests and to work together to achieve them.”

It adds: “The financial dialogue will allow the partner countries to coordinate their positions and work together within organizations and international forums to develop their cooperation in terms of policies and financial market regulation and to strengthen their diagnostic capabilities regarding international macroeconomic developments.”

It concludes: “Switzerland's financial centre is characterized by its openness and its internationalism. Fostering financial dialogue with important emerging economies will contribute to implementing the strategy of the Federal Council in terms of financial market policy.”

TAGS: India | banking | financial services | capital markets | international financial centres (IFC) | offshore | agreements | offshore banking | memorandum of understanding (MOU) | Switzerland | regulation | services

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