India and Switzerland have signed a memorandum of understanding (MoU) that would help foster financial dialogue between the two countries.
The MoU was signed by Ms Chitra Narayanan, Indian Ambassador to Switzerland and Mr Michael Ambuhl, Swiss Department of Finance Secretary, in Berne in Switzerland in the presence of President of India, Ms Pratibha Devisingh Patil, and her Swiss counterpart, Ms Micheline Calmy-Rey.
Through this financial dialogue, the Swiss and Indian authorities will establish regular and privileged contacts in the financial sector to identify common interests and to work together to achieve them, a Swiss Government statement said. The objective of the financial dialogue is to strengthen and intensify cooperation between Switzerland and India in the financial sector.
“The financial dialogue will allow the partner countries to coordinate their positions and work together with organisations and international forums to develop their cooperation in terms of policies and financial market regulation and to strengthen their diagnostic capabilities regarding international macroeconomic developments,” the statement added.
It also said that Switzerland's financial centre was characterised by its openness and its internationalism. “Fostering financial dialogue with important emerging economies will contribute to implementing the strategy of the Federal Council in terms of financial market policy,” the statement said.