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The EFTA bloc, comprising four countries – Iceland, Liechtenstein, Norway and Switzerland, has expressed confidence that it will be able to achieve the target of $100 billion in investments and 1 million jobs set by the India-EFTA Free Trade Agreement, and has agreed to the agreement. One of the top negotiators warned of the possibility of investment. It comes from the private sector, and governments can only encourage and promote results. Following the successful conclusion of the agreement, Helen Budrigger Artieda, Switzerland’s Secretary of State for Economic Affairs, told The Hindu that the agreement on the investment chapter was a “landmark moment” for the Trade and Economic Partnership Agreement negotiations. excerpt:
Did you think this deal would happen before the Indian elections?
yes. So you can never be 100% sure. Because, of course, none of us were alone in the room.But I felt a genuine interest, trust, and friendship. [between India and EFTA negotiators]. The breakthrough moment was when I decided to dedicate this chapter to direct investment. Because then all of a sudden there was a feeling that we could have a really fair and balanced deal. So you win, you win…you win 5 times (against all 5 parties).
Regarding this chapter, how binding is the pledge to invest $100 billion and secure 1 million jobs?
We can say that there is a lot of interest in India from Swiss and other companies we spoke to. We arrived at the $100 billion figure based on his FDI base for 2022 (US$10.7 billion) and the GDP forecast provided by India and its huge market. The fact that EFTA countries were able to conclude the agreement before their European neighbors (EU) has increased interest in India. But I have to say it clearly. The investment is not made by the Swiss government, but by the Swiss private sector.And if for some reason this promise is kept [of $100 billion and 1 million jobs is not realised, we will have to face the consequences of going back to square one]when the market was not easily accessible.
Do you also want to negotiate a Bilateral Investment Treaty (BIT) to protect your investment?
It would have been difficult to negotiate BIT as well as TEPA before the election, but I am confident that we will be able to start discussions on an investment treaty soon. The framework conditions in the investment chapter are important and are a whole list of things that need to be in place to create an environment for investment. We would like to open a designated desk at Invest India and have an Invest India office in Switzerland.
How long will it take for TEPA to take effect?
Well, each country has different time periods and ratification processes. Switzerland hopes to submit a ratification agreement to parliament during the autumn session. [we could ratify] The agreement will be concluded by the end of the year, after which it will enter into force. It is expected that other EFTA countries will have completed the process by then.
How did you finally agree to remove the data exclusivity clause?
Data exclusivity clauses were included in the draft document but were never agreed upon. The issue of intellectual property rights is absolutely important and strategic for us, so we wanted to include it in the agreement. Switzerland doesn’t have a lot of land and doesn’t have many natural resources other than water. So intellectual property is to us what agriculture is to India. However, I was glad that India was halfway through implementing its patent system. India is now trying to become a highly innovative country, so we expect intellectual property rights for research and development to become more important.
How do you respond to accusations that Switzerland tried to bully India into accepting data exclusivity clauses? If adopted, this provision would increase the cost of manufacturing important generic drugs.
How can a country with a population of 9 million bully a G20 country with a population of 1.4 billion? We negotiated our position with Indian negotiators. they were very good. I am sorry that the draft document was leaked here in India, but it was not agreed upon.
What human rights issues will EFTA countries focus on in the Trade Sustainability chapter?
For us, sustainability was on all three levels: environmental, social and governance, all of which were very important to both parties. On climate change, India wanted to incorporate the language of the Paris Agreement. EFTA countries focus on labor issues, particularly child labor and modern slavery (slave labor). and India proposed language on gender. Coincidentally, we were negotiating in Delhi and met Commerce Minister Piyush Goyal in Parliament just as the Women’s Reservation Bill was about to be passed, so that provided the context for adding the gender language.
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