Switzerland for early India-EFTA pact:

Switzerland for early India-EFTA pact: 
Context

  • The early conclusion of the proposed Free Trade Agreement(FTA) between India and European Free Trade Association (EFTA) as well as an investment protection framework would boost economic ties between the two sides, said Switzerland President Doris Leuthard on Friday.

Who all are members of EFTA?

  • EFTA members include Switzerland, Iceland, Norway and Liechtenstein.

Statement by Switzerland President Doris Leuthard

  • “We want to bring the (FTA) negotiations that have been running between India and EFTA since 2008 to an end,” said Leuthard.

·She added, “I would really like to have India as a strong economic partner with trade agreement and an investment protection framework to be the base of the new era of cooperation.”

India’s stand

  • India was also keen on concluding negotiations for the pact as it would benefit both sides.
  • India’s Intellectual Property Rights (IPR) was in compliance with the global rules and ensured that the patent, copyrights and trademark rights of any individual or company gets respected.
  • India was ready to address any questions on IPR or concerns on data security.

On Data security      

  • Switzerland believes that rights have to be protected to promote investments.
  • Internet is evolving at a rapid pace but there is a regulatory gap, the need to close the gap needs to be deliberated upon.
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