In a move designed to bolster economic and technological ties, India and Switzerland have signed five key agreements following talks between Prime Minister Narendra Modi and Swiss President Guy Parmelin. The agreements, finalized on Monday, aim to enhance cooperation in areas such as trade, mobility, and technology.
The new partnerships cover migration and mobility, young professionals, transportation, research, innovation, and technology transfer. Both countries are working towards improving market access for Indian exports while encouraging increased Swiss investment in India. These agreements come as Switzerland celebrates the first anniversary of the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement, which seeks to boost investment, trade, and employment between India and EFTA countries.
Particularly, the migration and mobility agreement aims to strengthen collaboration while tackling issues like irregular migration and human trafficking. This includes provisions for multiple-entry visas valid for up to five years and renewable permits for students. Additionally, a separate agreement will facilitate the exchange of young professionals, allowing 300 individuals from each country to gain temporary employment and professional experience annually.
Beyond economic ties, India and Switzerland are exploring increased cooperation in defense production and nuclear energy. Plans are also underway for joint research projects in health, clean energy, and space, alongside promoting advancements in transportation technologies, sustainable infrastructure, and electric vehicles.
These agreements are expected to significantly enhance collaboration between research institutions, businesses, and technology companies in both nations, with sectors like biotechnology, life sciences, banking, and insurance being identified as key areas for Swiss investment in India.
During their discussions, Modi and Parmelin also addressed broader global and regional issues, such as the conflicts in Ukraine and West Asia, emphasizing the importance of dialogue and diplomatic efforts to foster peace and stability.