Swiss President Highlights India as Key Long-Term Trade Partner
During his state visit, Swiss President Guy Parmelin emphasized India's role as a serious long-term partner for Swiss businesses, anticipating a boost from the EFTA trade pact.
Swiss President Parmelin expects significant trade growth with India through the EFTA pact.
New agreements aim to ease migration and work permits for Indian professionals.
Switzerland is committed to combating terror financing and enhancing financial cooperation with India.
Swiss President Guy Parmelin, during his three-day state visit to India, declared that Swiss businesses view India as a "serious long-term partner." His remarks came as he met with Prime Minister Narendra Modi in New Delhi, where discussions focused on trade, investment, technology, and innovation. Parmelin expressed optimism about the India-European Free Trade Association (EFTA) agreement, which he believes will significantly enhance bilateral trade in the coming years.
The EFTA, which includes Switzerland, recently marked the one-year anniversary of its Trade and Economic Partnership Agreement (TEPA), effective since October 2025. Parmelin noted that Swiss investments are already spread across various sectors, including transportation, pharmaceuticals, and technology. He highlighted the diversity of these investments as a sign of Swiss companies' long-term commitment to India, rather than viewing it merely as a market for select industries.
While acknowledging that it is premature to assess the full impact of TEPA due to the gradual implementation of tariff reductions, Parmelin remains confident about its potential to elevate trade relations. He stated, "I expect TEPA to give a significant boost to trade between Switzerland and India in the years ahead." This sentiment was echoed during his discussions with Modi, where both leaders explored ways to strengthen bilateral ties further.
Parmelin also addressed concerns regarding cross-border terrorism, affirming Switzerland's commitment to international efforts against terror financing. He emphasized the importance of maintaining the integrity of financial systems and pledged Switzerland's active role in countering terrorism financing, including through virtual assets and underground banking.
In terms of migration, Parmelin announced two new agreements aimed at facilitating legal migration for Indian professionals and students. The Migration and Mobility Partnership and the Young Professionals Agreement are expected to simplify work permit processes, with approximately 1,500 to 1,900 permits issued to Indian nationals annually. Parmelin noted the significant contribution of the Indian community in Switzerland, which numbers around 19,000 individuals. Looking ahead, Switzerland plans to continue its dialogue with India on tax information exchange, including upcoming measures related to cryptocurrency.
