Article:
The 4th India-Swiss Financial Dialogue was recently held in a virtual format via video conferencing. This significant event is currently a focus of attention due to the critical topics discussed and the impact they may have on the economic and financial relations of both countries in the period following the Covid-19 pandemic.
Highlights from the Dialogue
The dialogue witnessed discussions on potential cooperation in several areas, including investments, the International Financial Services Centre Authority (IFSCA), and the National Investment and Infrastructure Fund (NIIF). Matters concerning the G20, International Monetary Fund (IMF), and tax challenges arising from the digitalisation of the economy were also tabled in the dialogue. Other focal points included FinTech, sustainable finance, cross-border financial services, and infrastructure financing. The attendees of this dialogue emphasized the importance of continued bilateral action in forging a clean and resilient world post-pandemic.
India-Switzerland Relations: Historical Perspective
The political relationship between India and Switzerland can be traced back to 1948 when both nations signed the Treaty of Friendship in New Delhi. The policies of non-alignment in India and neutrality in Switzerland have fostered a close understanding between the two countries. On the economic front, ongoing negotiations concern an India-Switzerland Bilateral Investment Treaty (BIT). In parallel, talks are underway for an India-EFTA Trade & Economic Partnership Agreement (TEPA).
The Stand of EFTA and EU in India-Swiss Relations
The European Free Trade Association (EFTA) consists of Iceland, Liechtenstein, Norway, and Switzerland. While these nations are not part of the European Union (EU), they play a fundamental role in negotiation talks with India. A separate trade agreement called the India-EU Broad-based Trade and Investment Agreement is also under negotiation between India and the EU.
Cooperation in Diverse Fields
Cooperation between India and Switzerland is not limited to political or economic spheres only. In 2005, an Indo-Swiss Joint Research Programme (ISJRP) was launched. Additionally, numerous institutes from both nations have collaborated to provide high-standard skill training in India. This initiative includes the Bharatiya Skill Development Campus and University in Jaipur, the Indo-Swiss Centre of Excellence in Pune, and the Vocational Training Center in Andhra Pradesh.
Efforts for Sustainable Development
As part of their commitment to sustainable development and climate action, the Swiss Agency for Development and Cooperation (SDC) is backing the implementation of the CapaCITIES project in Indian cities. Through this project, the aim is to strengthen Indian cities’ abilities to identify, plan, and execute measures that reduce greenhouse gas emissions and enhance resistance to climate change in a comprehensive manner.