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Amid a difficult external economic environment facing various countries, Switzerland's State Secretary for Foreign Affairs Alexandre Fasel has said that trade wars "are never a good idea" and such a scenario would be in nobody's interest.
In an interview with ANI, Alexandre Fasel said the situation is very fluid in the wake of tariffs sought to be imposed or increased concerning international trade and pitched for free trade and open markets. He spoke on geopolitical challenges, tariff threats, and possible trade wars and expressed confidence in the path forward for the India-Switzerland bilateral economic partnership with the conclusion of the India-EFTA Trade and Economic Partnership Agreement (TEPA). "For our bilateral economic relationship, I am very confident because we have this framework, TEPA, so that's good. Generally, of course, a trade war would be in nobody's interest. It would drive prices higher, fuel inflation, and ultimately worsen the situation for consumers and individuals. So, trade wars, as such, are never a good idea," he told ANI. "Now we see how the situation will evolve--whether threatening tariffs lead to negotiations, new arrangements, and so on. I feel that the situation is very fluid. We need to observe it and make the case for free trade and open markets," he added. India and the European Free Trade Association (EFTA) - comprising Switzerland, Norway, Iceland, and Liechtenstein - have taken a significant step towards deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), which positions EFTA as the first European bloc to formalize a trade pact with India. President Donald Trump, who assumed his second term in office last month, has threatened to impose trade tariffs on China, Mexico, Canada and many other countries, fueling uncertainty. The Swiss official is in India for foreign office consultations that include discussions on political, strategic, diplomatic, bilateral, and global issues. Alexandre Fasel emphasized that India should play a bigger role in global politics. "I hope India will play a bigger role. India is a country that is friendly with everybody--it is a friend to all. It is a leading power of the Global South. As PM Modi said, India wants to amplify the voice of the Global South in international geopolitical discussions and conversations. There is a role for India, and I believe it will play a positive one," he said. (ANI)
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