Why in news?
The President of the Swiss Confederation is set to visit India to hold extensive talks on a range of issues in bilateral relationship.
How has India-Swiss relationship been?
- Switzerland’s favourable gesture to India started off with the swift recognition of India’s independence in 1947.
- Subsequently, the conclusion of the Treaty of Friendship in 1948 officially laid the foundations for diplomatic engagement between the two countries.
- Numerous agreements in a wide range of areas have been concluded between the two countries.
- These include trade, investment, development cooperation, education, visas, migration, air transport and science and technology.
- The recent joint declaration on the mutual automatic exchange of financial account information gains ground on India's fight against black money.
- India has been one of Switzerland’s most important trading partners in Asia, and Switzerland is the 11th largest foreign investor in India.
- Swiss direct investment in India had led to the creation of around 1,00,000 jobs.
What are the future prospects?
- The upcoming visit aims at deepening the cooperation to address global challenges for the benefit of both the countries.
- The mutual opportunities offered by openness and cooperation gains significance in a time of increasing nationalism and protectionism in global nations.
- The free trade and economic agreements being negotiated by the European Free Trade Association (EFTA) and India, holds good for India and Swiss.
- Climate Policy - Unpredictable monsoon rains and the melting of glaciers (in the Himalayas and the Alps) are issues of common concern.
- This holds scope for cooperation in the areas of climate change, sustainable development, water management and energy.
- Energy - India and Switzerland share common priorities in boosting the share of renewables in their energy mix.
- A number of joint projects are already under way in energy efficiency and renewable energies and holds further potential as well.
- One of them is CapaCITIES, where Switzerland is helping municipal authorities in India to reduce greenhouse gas emissions.
- Infrastructure - The world’s longest railway tunnel, the Gotthard base tunnel, was recently opened in Switzerland.
- Switzerland's experience in this major rail infrastructure project can best be used by India for its public transport vision.
- Tourism, vocational education and training, digitalisation are also expected to be on the agenda.
Source: Indian Express
