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Switzerland, India Strengthen Economic Ties

by Ulrika Lomas, Tax-News.com, Brussels

06 April 2011


According to Switzerland’s Federal Administration, Swiss Federal Councillor Johann Schneider-Ammann is due to travel to India shortly to acknowledge the long-standing cordial relations between the two countries and to strengthen bilateral economic ties.

Accompanied by a business delegation, Federal Councillor Schneider-Ammann is due to hold official discussions in India with India's Trade and Industry Minister Anand Sharma, with Finance Minister Pranab Mukherjee and with Labour Minister Mallikarjun Kharge, with the talks focussing on ongoing negotiations regarding a wide-ranging trade and investment agreement between the European Free Trade Association (EFTA) and India.

Commenting on the forthcoming visit, the Swiss administration notes that India's economy is expected to develop very positively. According to the Federal Customs Administration, in 2010 Switzerland recorded a trade surplus with India of CHF1.55bn (EUR1.18bn); exports of goods to India amounted to CHF2.56bn (EUR1.95bn), with imports amounting to CHF1.01bn.

The administration states that: "As of the end of 2009 the volume of Swiss direct investment in India registered by the Swiss National Bank amounted to CHF3.32bn, which led to the creation of at least 60,000 jobs in India."

It adds: "Trade in services also developed very dynamically: Indian IT companies, for example, increasingly provide their services in Switzerland, and in 2010 overnight stays by Indian tourists in Switzerland increased by 21% compared to the previous year."

TAGS: business | India | agreements | Switzerland | trade

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