India, Switzerland ink financial treaty

India and Switzerland have signed a memorandum of understanding (MoU) related to bilateral cooperation on financial matters.
The agreement signed by Indian Ambassador to Switzerland Chitra Narayanan and Swiss Department of Finance Secretary Michael Ambuhl comes close on the heels of the signing of an amending protocol to the Double Taxation Avoidance Agreement.
The MoU was signed on Monday in the presence of President Pratibha Patil, who is on a state visit, and her Swiss counterpart Micheline Calmi-Rey, reports IANS.
"With the signature of the memorandum of understanding, the Federal Department of Finance (FDF) and India's Ministry of Finance have laid the foundations for fostering financial dialogue between the two countries," the Swiss government said in a press communiqué.
In the MoU, Bern agrees to coordinate with New Delhi on their positions and work together within 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.