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MACHINIST - EFTA Negotiations likely to be Concluded by Year End: Anand Sharma

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EFTA Negotiations likely to be Concluded by Year End: Anand Sharma
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Written by Viswanath   
Friday, 08 April 2011

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New Delhi: Anand Sharma, Union Minister for Commerce & Industry, in a business meeting with Mr. Johann Schneider-Ammann, Federal Councilor Minister for Economic Affairs of Switzerland. announced that European Free Trade Association (EFTA) with India will be signed by the end of this year. Switzerland being a member of EFTA is playing an active role in the negotiations.

Sharma said that, Swiss expertise in manufacturing has a big role to play in the relations between the two countries.

He said that India will very soon have its first Manufacturing Policy as the manufacturing sector has a crucial role in building the infrastructure and employment generation for the millions of people.

"Switzerland is home to one of the world's finest scientific research institutions and has evolved a unique collaborative model between academia and industry to ensure focus on applied research," he added.

"About 170 Swiss companies are already present in India which employs around 60,000 people and bilateral trade is close to US $ 20 billion ," Sharma said. While the large majority of these companies are engaged in the traditionally strong Swiss business areas like engineering and industrial equipment, chemicals and pharmaceuticals and precision instruments, the larger volume of FDI from Switzerland has in fact come into the services sector.

The Swiss investment in sectors such as power, agro- processing and construction is low at present.

"India has always stood for an open, equitable, predictable, non-discriminatory and rule-based multilateral trading regime. India gives primacy to engagements in multi-lateral negotiations at the World Trade Organization. India is committed to successful conclusion of Doha Round and support multi-lateral and bilateral engagement with rest of the world," Sharma said. He stressed that developed world is resorting to protectionist tendencies which hurt both developed and developing economies.

 
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