On Tuesday, by 118 votes to 70, the House of Representatives refused to act on a parliamentary initiative floated by the Greens.
In recent years, there has been strong growth in commodities such as oil and cereals. Companies based in Switzerland have benefited from the market volatility caused by the crisis. It is estimated that the commodities sector now accounts for more than 10% of GDP, ahead of the banking sector, said Green Party politician Franziska Ryser.
Their weight in the economy, combined with the increased possibility of corruption and financial dependence, presents a risk that Switzerland can no longer ignore. The failings of certain companies can damage the reputation of the sector as a whole and of Switzerland as a global business location.
Hence the need to set up a supervisory authority similar to financial regulator FINMA in this area. But the right-wing blocked the move. “The sector is already regulated by directives,” said Manfred Bühler of the Swiss People’s Party. And Switzerland has just implemented the indirect counter-proposal to the “Responsible Business” initiative.
Trade in raw materials is globalised. Here, it is important not to move too quickly so as not to create unnecessary obstacles for Swiss companies. Switzerland will adapt to the international rules in good time, added Bühler.
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