Swiss State Secretary for Foreign Affairs, Alexandre Fasel has said that his country is in the process of ratification of the Trade and Economic Partnership Agreement (TEPA) trade pact between India and the European Free Trade Association (EFTA) countries-Iceland, Liechtenstein, Norway, and Switzerland. Speaking to WION's Sidhant Sibal in Delhi, the top Swiss diplomat said, " it is a very important agreement that has been signed. It is now in the process of ratification in Switzerland...we hope in the latter part of the year, or at the very latest, at the beginning of next year that this treaty can enter into force". 

The pact aims to reduce tariffs, boost trade, and promote investments between the regions. Under the pact, EFTA countries have committed to investing $100 billion in India over 15 years, with $50 billion expected within the first 10 years and another $50 billion in the next 5 years. India is Switzerland's fourth largest trading partner in Asia and the largest in South Asia.

The Swiss State Secretary for Foreign Affairs, Alexandre Fasel is in Delhi for foreign office consultations with his Indian counterpart, secretary west Tanmay Lal. Talks focused on the situation in South Asia and Ukraine, multilateralism, Switzerland's experience in the Security Council, and Switzerland's work in the Human Rights Council.

Switzerland says it is process of ratification of key trade pact with India

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Switzerland says it is process of ratification of key trade pact with India