India-Switzerland: A New Dawn of Investment and Trade Relations Unveiled

Helene Budliger Artieda, Switzerland's State Secretary for Economic Affairs, has called for India to cut red tape and establish a good regulatory framework to attract Swiss investments. Her comments come as the nation looks to capitalize on a newly signed free trade agreement with the European Free Trade Association (EFTA), aiming for USD 100 billion in Swiss investments over the next 15 years.

The agreement, effective from October 2024, offers India various benefits, including reduced duties on Swiss watches, chocolates, and gems. Artieda highlighted that a well-structured framework is crucial to achieve this ambitious investment target, as discussed during a meeting with Indian Minister Goyal, addressing concerns over bureaucratic obstacles.

Despite some misunderstandings about the suspension of the MFN clause in the bilateral Double Taxation Avoidance Agreement, Artieda reassured that the core treaty remains intact, ensuring smooth investment flows. Swiss companies, benefiting from preferred market access, foresee an upswing in exports to India, especially in luxury goods, amid an evolving trade landscape.

(With inputs from agencies.)