New Delhi: India and Switzerland on Friday discussed the activation of automatic exchange of information relating to black money stashed by Indians in secret accounts in Swiss banks.
The issue figured prominently during talks between External Affairs Minister Sushma Swaraj and her Swiss counterpart Ignazio Cassis here, officials said.
Black money has been a major issue in India and banks in Switzerland have long been perceived as one of the safest havens to park such funds due to their famed secrecy walls for years.
“Closer cooperation in the areas of skill development, renewable energy, traditional Indian medicine and climate change has the potential of mutual benefit and positive contribution at the global level,” the statement said.
Following on the Indian government’s drive to curb black money, the ministers discussed the activation of automatic exchange of information.
India’s negotiations with the EU for a free trade agreement also came up in the discussion.
“A review was undertaken on the progress of the Trade and Economic Partnership Agreement, which India and the European Free Trade Area countries are currently negotiating,” according to the statement.
“The two ministers reiterated their strong commitment to early finalization of the agreement while showing flexibility on each other’s concerns.”
Both sides also had detailed talks on Ayurveda, which Switzerland recognizes as a system of medicine.
“The aspect of enhanced people to people interactions through facilitation of tourist and business visas was also discussed at length,” the statement said.