The Confederation of Indian Textile Industry (CITI) and Swiss Textiles have solidified their commitment to a robust trade and economic partnership with the signing of a Joint Declaration on 23rd November 2023. This momentous occasion marks a significant step towards fostering collaboration between the two nations and fortifying their ties in the textile sector.
Further, the 19th Joint Economic Commission (JEC) between India and Switzerland took place on the 24th November 2023 in Geneva on 24th Nov. 2023 wherein Dinesh Nolkha, Vice Chairman, CITI participated in the JEC session to talk about the strategic Joint Declaration and plans of engagement with the Swiss Textile Industry.
On this occasion, Rakesh Mehra, Chairman, CITI said “The Joint Declaration signals a shared vision for enhancing bilateral cooperation, facilitating trade, and promoting economic growth in the textile industry. Both trade associations recognize the immense potential for mutual benefit through a strengthened partnership and have expressed their commitment to the development of a comprehensive Trade and Economic Partnership Agreement (TEPA)”.
The Confederation of Indian Textile Industry, representing the dynamic and diverse textile sector of India, sees this collaboration as a key driver for growth, innovation, and increased global competitiveness. The strategic alliance with Swiss Textiles is poised to open new avenues for trade, technology exchange, and investment in the textile value chain.
Swiss Textiles, with its reputation for precision, quality, and innovation, acknowledges the vast opportunities presented by the Indian textile market. The collaboration aims to leverage the strengths of both nations, fostering sustainable development, and promoting a conducive environment for trade and investment.
Key highlights of the Joint Declaration include:
Elimination of Trade Barriers: Tariff as well as non-tariff trade barriers can be eliminated with a TEPA. This promotes cooperation between companies in both countries, facilitates trade, and enables more competitive prices.
Market Access and Mutual Cooperation: The Indian and Swiss textile sectors complement each other ideally in terms of production. Switzerland offers itself as a buyer for raw materials and intermediate products, which can then be transformed in Switzerland and presented on the Indian or European market as high-quality and sustainable end products.
Investment Promotion: At the same time, a TEPA promotes mutual direct investment and makes it possible to combine the production chains of both countries. This would provide a clear advantage for the development of production facilities as well as the mutual training of professionals.
Sustainable Practices: The TEPA will also confirm the commitment of India and Switzerland to develop their trade and investment relations in a way that is conducive to sustainable development.
Finally, a TEPA would enable both countries to deepen and combine research and development in the textile sector. Here, too, the two countries are complementary and could benefit from cooperation.
This Joint Declaration between the Confederation of Indian Textile Industry and Swiss Textiles marks a historic moment in the bilateral relations between India and Switzerland. The collaborative efforts outlined in the declaration are poised to strengthen the textile industry in both nations, contributing to economic growth, job creation, and the overall prosperity of their people.
