After talks in Geneva with Swiss President Johann Schneider-Ammann and round-table discussions with Swiss businessmen, Prime Minister Narendra Modi said the two countries had agreed to make combating tax evasion and “black money” a shared priority.
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The move is seen significant as brining back black money from foreign shores was a major electoral promise of Modi in the run up to the Lok Sabha polls in 2014.
Schneider-Ammann said no figure had been put on the amount of “black money” to be recovered.
Prior to Switzerland, Prime Minister Modi visited Afghanistan and Qatar. A pariah after the 1974 and 1998 nuclear bomb tests, India’s re-entry into the global nuclear regime was facilitated by the 123 Agreement between it and the US.
The NSG looks after critical issues relating to the nuclear sector and its members are allowed to trade in and export nuclear technology. Modi described Switzerland as India’s key economic partner in Europe, saying: “I will also meet prominent businesspersons. Legislations are being improved following global benchmarks”, he said, adding that India has rapid improved on the World Bank’s Ease of Doing Business ranking.
Prime Minister Modi reached Switzerland from Doha, where senior officials of India and Qatar signed pacts on infrastructure investment in the presence of visiting Indian PM and Emir of Qatar Sheikh Tamim bin Hamad Al-Thani. However, with PM Modi securing Switzerland’s support for India’s NSG bid, the chances of that happening are one step closer. “I think they both have a real understanding of each other, of our histories and the limitations of the democratic systems we work in, and what is top of mind for each other”, he said. Ultimately, the economic prosperity of 1.25 billion plus would also benefit the entire world, ” Modi said in a joint declaration.
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“I am confident that our common commitments and values, people to people links and a strong and growing economic partnership will take our relations to new heights”, said Modi. “Hence Swiss model of skill development very relevant for us”. The FTA negotiations between India and the EFTA countries are not “just about the [market] access for tomorrow but to create stable conditions for the business community who want to be active in the Indian market”, the Swiss president maintained. “We discussed the need for an early and expeditious exchange of information to bring to justice the tax Agreement on Automatic Exchange of Information would be important in this respect”, Modi said after his meeting with Swiss President.
