Switzerland’s Federal Councillor Ueli Maurer on Wednesday pitched for expeditious completion of negotiations for a proposed free commerce settlement between India and the European Free Commerce Affiliation (EFTA), in a gathering with finance minister Nirmala Sitharaman.The EFTA is a regional buying and selling bloc comprising 4 European economies — Iceland, Liechtenstein, Norway and Switzerland.

India’s exports to EFTA stood at simply $1.7 billion in FY22, up 9% from a yr in the past. Nevertheless, its imports surged 35% on yr to $25.5 billion final fiscal. Of those, imports from Switzerland alone touched $23.4 billion, with provides of diamonds and different valuable and semi-precious stones and metals accounting for as a lot as $20.9 billion.

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Negotiations for a broad-based Commerce and Funding Settlement between the EFTA economies and India had been formally launched in January 2008. As many as 13 rounds of talks had been held till 2013 earlier than they had been placed on maintain. The negotiations had been resumed in October 2016.

In a tweet, the Indian ministry of finance mentioned the 2 leaders exchanged views on international financial points and India’s upcoming G20 presidency in 2023. “Either side mentioned areas for enhanced cooperation, together with on fintech, computerized alternate of data, renewable power, dawn sectors in addition to infrastructure investments and sustainable finance,” the ministry mentioned.

Individually, in keeping with an announcement by the Swiss federal division of finance, Maurer “promoted open markets and emphasised that stronger commerce has a optimistic impression on a rustic’s prosperity in the long run”. Maurer, who’s on a go to to India, additionally met exterior affairs minister S Jaishankar.

Their dialogue was “centered round figuring out potential methods for the 2 international locations to cooperate extra intently sooner or later, and studying extra in regards to the Indian monetary market, particularly within the space of sustainable or inexperienced infrastructure and fintech”, in keeping with the Swiss authorities assertion.