New Delhi: The free trade agreement between four European nations (EFTA) and India will bring transformation changes in strengthening two -way economic ties and could not come in a better time, the state secretary of the state state affair Helene Budliger said that the ambitious document on Wednesday entered the trade caused by the American tariff.
The trade and economic partnership agreement (TEP) is expected between the new Delh and the European Free Trade Association, which includes Switzerland, Norway, Iceland and Lichtenstein, to reduce tariffs to 92.2 % of Indian products.
According to the provisions of the Pact, which was sealed in March last year, these four countries committed to investing an incredible $ 100 billion in India in the next 15 years, in addition to strengthening business involvement in technology, production, textiles, leather and food.
“It will be like a booster. There is a massive interest in investment in India from Switzerland. I think it is safe to say that it is even more meaningful for us (with regard to the current state of global trade),” Budliger said in an interview.
The trade agreement came into force in the middle of a serious decline in Indian ties with the US after President Donald Trump slapped 50 % of the tariff, including 25 % of the additional obligation to buy Russian oil.
In her notes, however, Budliger said that the India-Efta commercial contract is not at all associated with the current situation resulting from trade policy in Washington, because the agreement is the result of 16 years of negotiations.
“It’s a really excellent moment and it will be another emphasis on what we are trying to do. But it is wrong to say it was a reaction to what was happening in the world,” she said.
India is the fifth largest business partner for EFTA, and two shops have grown between the two sides in the last few years.
“It could come at a better time. But at the same time I don’t want us to be perceived as an opportunistic country. Because the world is now unrest, we suddenly discovered our love and admiration for India – that’s not at all.”
“That’s why I stressed that we wanted it for 16 years. We negotiated it for 16 years. We had a long -term relationship. We felt incredibly proud to be an Indian friend and partner,” she said.
Budliger remembered the Minister of Commercial Minister Piyusha Goyal, who describes the future trajectory of the country’s development, a bull on economic growth of India.
“Minister Goyal often spoke with me about 30-30-30 during the negotiations. This means that India 30 will be 30 in 30 years. The USD and your population will still be 30 years old. And we have bought it completely,” she said.
The Swiss State Secretary for Economic Affairs also stood up for having a bilateral investment protection agreement with India.
“That’s one of the things that our society is looking for,” she said.
Budliger also radiated the confidence that EFTA nations would meet the target of 100 billion investments in India under 15 years.
“He’s a realistic character. He’s a private sector that has to enter the game. Our private sector is very serious about it. I can tell you that there is a huge interest in promoting ties with India,” she said.
“Representatives of 40 companies are with me. They have massive investment plans. I am very optimistic that within 15 years we will reach an investment goal of $ 100 billion,” said the highest Swiss official.
At the same time, she stated that the conditions of the frame would have to be introduced.
Budliger said that a business contract would also strengthen bilateral business cooperation in India Switzerland.
In India, more than 330 Swiss companies are present in sectors such as engineering, services, precise tools, chemicals and pharmacies, while Indian societies are present in Switzerland in sectors such as IT, pharmaceutics and machines.
In June, the Minister of Trade Goyal Switzerland visited the development of bilateral economic cooperation and the operation of the pulse.
Goyal interviewed the federal councilor Guy Parmelin and the state secretary Budliger to map the outlook plan for pulse implementation.
The discussion also focused on regulatory cooperation, skills development, innovation partnerships and mechanisms that facilitate faster investment decision making.
(Tagstotranslate) PIYUSH GYAL (T) European nations
