India, Swiss Confederation agree to expedite EFTA, other pacts

They appreciated the hospitality extended by Morocco despite the difficult situation due to the earthquake that had hit the country recently.

New Delhi: Finance minister Nirmala Sitharaman on Friday met the head of the federal department of finance of the Swiss Confederation Karin Keller-Sutter, on the sidelines of the 4th G20 Finance Ministers and Central Bank Governors (G20 FMCBG) and the IMF-WB Annual Meetings in Marrakech, Morocco, where both leaders arrived at a mutual agreement to address the remaining issues so as to conclude the India-European Free Trade Association (EFTA), Trade and Economic Partnership Agreement (TEPA) and Bilateral Investment Treaty (BIT).

Both sides also agreed to convening the 5th round of India Swiss Financial Dialogue in early 2024. This dialogue can cover areas of collaboration on fintech, infrastructure sector and unified payments interface (UPI). Sutter expressed interest in enhanced cooperation with India in the insurance sector. Both sides agreed to cover the issue of greater cooperation in the insurance sector under 5th round of India Swiss Financial Dialogue, official sources said. They appreciated the hospitality extended by Morocco despite the difficult situation due to the earthquake that had hit the country recently. The Swiss minister congratulated India for a successful G20 summit. Sitharaman on her part appreciated Switzerland’s active participation at the G20 summit.

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