With Swiss backing to India’s NSG bid, support for tackling black money, PM Modi leaves for USA
Geneva: Toiling hard to make it to the elite 48-member nuclear trading nations' club called Nuclear Suppliers Group (NSG), India today got the backing of Switzerland ahead of the group's crucial meeting. Swiss President Johann
Geneva: Toiling hard to make it to the elite 48-member nuclear trading nations' club called Nuclear Suppliers Group (NSG), India today got the backing of Switzerland ahead of the group's crucial meeting.
Swiss President Johann Schneider-Ammann announced his country's support to India's membership in NSG after holding comprehensive talks with Prime Minister Narendra Modi.
"We have promised India support in its efforts to become a member of NSG," he said.
Agreeing to expand cooperation in tackling the problem of Indians stashing blackmoney in Swiss banks was one of the key focus areas of the talks between the two leaders besides stepping up ties in areas of trade, investment and vocational training.
India has been pushing for membership of the bloc for last few years and had formally moved its application on May 12.
The grouping will take up India's application in its plenary meetings on June 9 in Vienna and June 24 in Seoul.
"I am thankful to the President for Switzerland's understanding and support for India's membership of the NSG," Modi said.
The NSG looks after critical issues relating to the nuclear sector and its membership will help India expand its atomic energy sector.
Modi also said combating the menace of black money and tax evasion was "shared priority" for both the countries.
"We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the agreement on the automatic exchange of information would be important in this respect," Modi said.
On his part, the Swiss President said both the countries are making considerable progress in fighting tax fraud and evasion.
Modi said India and Switzerland also shared a commitment to reform international institutions in line with current global realities.
"India and Switzerland have both been the voices of peace, understanding and humanitarian values in the world. In last seven decades, our friendship has consistently seen an upward trajectory. Today, President and I reviewed our multifaceted bilateral ties. We also held detailed discussions with Swiss CEOs," said the Prime Minister.
Talking about strong trade ties between the two countries, Modi said many Swiss companies are household names in India and both sides are keen to further expand the economic engagement.
The Prime Minister said India has affirmed its readiness to resume talks on a free trade agreement with European Free Trade Association (EFTA).
The trade talks between India and EFTA -- the grouping of Switzerland, Iceland, Norway and Liechtenstein -- have been stalled on a host of issues like Intellectual Property Rights (IPR) and data safety.
The negotiations for the FTA were launched in 2008.
"We are all aware of the strengths of the Swiss economy. But, India too is undergoing profound transformations. We are today the fastest growing economy in the world. But, that alone is not enough. I want the Indian economy to be driven by smart and sustainable cities, robust farm sector, vibrant manufacturing and dynamic service sector. And, its engines to run on world class network of rail, roads, airports and digital connectivity," Modi said.
The Prime Minister said both sides have agreed to build on the Swiss Vocational and Educational Training system suited to India's needs.
Referring to energy security, Modi said reliance on renewable energy, rather than on fossil fuels would be India's "guiding motto".
"We see a perfect connect between our development needs and Swiss strengths. I, therefore, invite the Swiss companies to avail of this great opportunity to be a key partner in India's economic growth. Ultimately, the economic prosperity of 1.25 billion plus would also benefit the entire world," Modi said.
(With PTI inputs)