India thanks Switzerland for MTCR support, seeks financial transparency law

Remigio Civitarese
Agosto 31, 2017

Switzerland's President Doris Leuthard has started her three-day visit to India from Thursday, which is aimed at strengthening bilateral relations and to discuss regional and global issues of mutual interest. He said, "financial transparency is very important when it comes to issues such as black money, dirty money, hawala or drugs and arms smuggling". Talking about the ways to deepen bilateral cooperation in combating tax evasion and black money, Modi said, "India and Switzerland have robust cooperation in combating tax evasion and black money".

Modi visited Switzerland in June a year ago. The Swiss pharmaceutical industry insists on comprehensive protection, which it believes is not guaranteed in India. "Swiss companies have a lot of expertise to partner India in its road to development".

Modi said the proposed free trade agreement between the European Union and India also came up for discussion.

President Leuthard said that Switzerland has one of the strongest laws on money laundering and they would be happy if other countries follow Switzerland.

"We had productive talks on global, regional and bilateral issues", Modi said at a joint press event with Leuthard.

In addition to the Presidential and the ministerial visits, the two countries hold yearly political and thematic consultations and dialogues.

India, with its 1.3 billion people and a growing middle class, is an interesting market for Switzerland.

Leuthard expressed hoped that a law will be made on automatic exchange of information being cleared by the Swiss parliament by the end of this year.

"Globalisation and disarmament are of extreme importance for both Switzerland and India". Swiss Presidents have earlier visited India in 1998, 2003 and 2007. India is grateful to Switzerland for supporting India's membership in the Missile Technology Control Regime (MTCR), he added.

Swiss President Doris Leuthard today said India is expected to get in 2019 the first batch of data relating to tax from Switzerland under a new framework for automatic exchange of information.

President Leuthard said Switzerland is the 11th largest investor in India and the seventh largest recipient of the Indian investments.

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