The 11th Meeting of the Indo-Swiss Joint Economic Commission (JEC) that took place here today has observed that steady and rapid economic growth in India presents an attractive opportunity to Swiss business for making investments in various sectors. The JEC reiterated their commitment to further enhance bilateral trade in view of the huge potential for expanding and diversifying the trade basket. The Indian delegation was led by Dr. Rahul Khullar, Special Secretary, Department of Commerce and the Swiss delegation was led by Ambassador Monika Ruhi Burzi, Head of Bilateral economic Relations, State Secretariat for Economic Affairs.

Both sides welcomed the commencement of the negotiations for the India-EFTA Broad Based Trade and Investment Agreement. The JEC identified information technology and tourism sectors as having potential for larger bilateral economic flows. The bilateral economic engagement will further boost the business-to-business contacts and enable exchange of high-level ministerial delegations. The next meeting of the JEC will be held in Berne in 2009.

Both sides exchanged views on regional and multilateral issues of mutual concern including the Doha Round of multilateral trade negotiations and expressed their strong continued commitment to the rules-based multilateral trading system.

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RJ/MRS

Bilateral trade enhancement: India and Switzerland commit to deepen economic ties, launch trade agreement talks and promote IT and tourism. India and Switzerland reaffirmed commitment to enhance bilateral trade and investment, welcomed commencement of negotiations on a Broad Based Trade and Investment Agreement with EFTA, identified information technology and tourism as priority sectors for larger bilateral flows, and expressed continued support for the rules-based multilateral trading system, with plans for a subsequent JEC meeting in Berne.