Bern [Switzerland], June 11 ( ANI): The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Swissmem -- Switzerland's leading mechanical and electrical engineering industries association -- have formalised a three-year partnership agreement aimed at strengthening business cooperation between the two nations.

The Memorandum of Understanding (MoU) was signed on Tuesday at the Swissmem Industry Day in Bern. It establishes a comprehensive framework for enhanced trade relations, technology transfer, and investment opportunities between Indian and Swiss companies.

Commerce Minister Piyush Goyal just completed his two-day visit to Switzerland. His next trip is to Sweden.

The Indo-Swiss partnership encompasses several key areas of collaboration designed to benefit member companies from both organisations.

The agreement enables both chambers to exchange crucial market intelligence, including information on trade opportunities, investment prospects, economic policies, and foreign trade legislation affecting both countries.

The partnership will facilitate technology transfer initiatives and joint ventures between Indian and Swiss companies, particularly in the mechanical and electrical engineering sectors where Swissmem members excel.

Both the industry bodies commit to supporting trade missions, study groups, and mutual participation in industrial exhibitions and trade fairs, helping member companies establish direct business connections.

The MoU provides for joint workshops, technical seminars, and conferences that will showcase new products and emerging technologies to business communities in both countries.

ASSOCHAM, headquartered in New Delhi, represents one of India's most influential business advocacy organizations, while Swissmem serves as the voice of Switzerland's precision engineering and technology sectors.

The partnership comes at a time when both countries are seeking to diversify their trade relationships and strengthen economic ties.

'This agreement creates a structured platform for our member companies to explore new markets and forge meaningful business partnerships,' said a representative familiar with the negotiations. The framework is expected to be particularly beneficial for small and medium enterprises looking to expand internationally.

The partnership includes robust provisions for intellectual property protection, with any jointly developed IP to be co-owned by both parties. Confidentiality protocols ensure sensitive business information shared through the collaboration remains protected for up to three years post-agreement.

The MoU establishes clear guidelines for joint branding and promotional activities, requiring written approval for the use of organizational logos in collaborative initiatives. All specific projects under the agreement will be governed by separate detailed contracts addressing financial arrangements and implementation procedures.

The agreement is valid through June 2028 and can be renewed by mutual consent. Either party may terminate the partnership with three months' written notice, though termination would not affect ongoing projects initiated under the framework.

Both organisations have committed to resolving disputes through mutual consultation, emphasising the partnership's collaborative spirit. The non-binding nature of the agreement provides flexibility while establishing clear expectations for cooperation. (ANI)