Chennai: The Free Trade Agreement (FTA) between India and Switzerland is expected to be signed later this year, a senior Swiss envoy said on Monday.
"...we hope the negotiations on the FTA will end by this year, Switzerland Consul General Rolf Frei told reporters on the sidelines of a semninar here.
He said Switzerland was the first country to sign a Friendship Treaty wayback in 1948 with India. The negotiations for signing the FTA began in 2008.
Currently, the bilateral trade between Switzerland and India is valued at USD 3.5 billion. Switzerland's exports to India include machinetools, pharmaceuticals, chemcials and precision instruments while India exports textile, garments, agri-products and IT services.
On the double taxation treaty between the two countries, Frei, who assumed charge as the Consul General office two weeks ago, said the first chamber (of Parliament) in Government of Switzerland passed it and it was now in the second chamber. "We hope it will be passed in the winter session of the Chamber in October," he said.
He said once the double taxation treaty became operational it would help India get information on individuals who have accounts in banks in his country.
Earlier, on his maiden visit to the Southern Indian Chamber of Commerce and Industry (SICCI), he said this year Switzerland was expecting a 30 percent increase in Visas to Indian nationals.
"Last year around 90,000 visas were issued. This year there will be a 30 percent increase," he said.
The new Consulate office in Bangalore would become fully operational by this year, he added.
PTI
