The Hindu Business Line : Switzerland to explore FTA with India

The Minister of Economic Affairs, Switzerland, Mr Joseph Deiss (right), and Mr Ravi Uppal, Country Manager, ABB India, at the inauguration of ABB's R&D Lab in Bangalore on Saturday. — G.R.N. Somashekar

Bangalore , Jan. 21

SWITZERLAND would explore the prospects of a Free Trade Agreement with India. Identifying India as an important market, the Swiss Minister of Economic Affairs, Mr Joseph Deiss, said he would be discussing the issue with his counterparts in Delhi in the next two days.

The Minister, who was in Bangalore to inaugurate the R&D Lab at ABB's Corporate Research Centre, said apart from EU, Switzerland had FTA with a few non-EU countries and African and West Asian countries.

Mr Deiss, who arrived in India on January 19, heading a 12- member business delegation, will be meeting the Union Finance Minster, Mr P. Chidamabaram, and the Commerce Minister, Mr Kamala Nath, to strengthen economic ties between the two countries.

After inaugurating the ABB's Centre on Saturday, Mr Deiss said his visit was also aimed at promoting Switzerland as a gateway to Europe for Indian businessmen and identify new potential for cooperation in industrial and service sectors.

Swiss trade with India grew by 30 per cent during 2004. The two-way trade aggregated to $1.2 billion during the period.

Mr Deiss said Switzerland was interested in cooperation in research and development as India's potential as a knowledge power could be harnessed for better product development in various fields.