Free trade deals save Switzerland billions, study finds
Swiss consumers and importers saved CHF2.5 billion ($2.7 billion) in 2018 thanks to lower customs duties as part of free trade agreements, a study has revealed.
This content was published on
2 minutes
A report commissioned by the Swiss Secretariat for Economic Affairs (SECO) found that Swiss firms had made good use of free trade accords.
“Free trade deals have enabled Swiss firms to improve their competitiveness on Swiss and international markets,” the study by the University of St Gallen concludedExternal link.
Some 73% of Swiss importers made use of free trade agreements, SECO said on Tuesday.
Meanwhile, CHF1.8 billion was saved in customs duties via exports to free trade partner countries.
The small Alpine nation in the centre of Europe has concluded some 30 free trade agreements with 40 partner countries, including a deal with the European Union (EU) and the European Free Trade Agreement (EFTA).
The EU is Switzerland’s main trading partner. Around 78% of Swiss imports are from the EU, while 43% of Swiss exports are destined for EU countries. Switzerland’s main exports are chemical and pharmaceutical products, machinery, electronics and watches. Raw materials, food, vegetable oils and fuel account for about one-quarter of total imports.
“As a highly developed economy, with a relatively small interior market, Switzerland is closely linked to international value chains,” the study said. “It is reliant on access to foreign markets both for imports and for exports”.
The study follows a request from a parliamentary committee to evaluate the impact of free trade accords. SECO said the analysis would be used by the government to help create a better framework for Swiss exporters, to reduce international trading costs and to combat high prices in Switzerland.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Studies suggest minimal negative impact of EFTA-Mercosur free trade deal
This content was published on
Two studies commissioned by the Swiss government forecast little to no negative environmental or agricultural impact of the free trade deal.
This content was published on
Following several parliamentary requests, the government says it will examine whether formal moves should be made to start negotiations with US officials. A spokesman for the economics ministry told swissinfo that the issue would be discussed “in general terms” at a special meeting of the federal government on Wednesday. No definite decision was due at…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.