Swiss voters are likely to have the final say on a people’s initiative to ban the financing of companies that produce war materiel.This content was published on July 20, 2018 - 17:05
The Federal Chancellery says enough valid signatures - handed in last month - have been collected.
No date has yet been set for the vote.
The initiative, launched by the pacifist group Switzerland without an ArmyExternal link in April 2017, wants to ban the Swiss National Bank, foundations and pension schemes from investing in the arms industry.
It would be illegal to grant credit or make a loan or donation to a company where more than 5% of turnover comes from the production of war materiel. The same applies to the acquisition of shares and securities issued by the armaments industry.
In a statement on FridayExternal link, the pacifist group welcomed the fact that its initiative had been declared valid. “Quite clearly voters are pleased to finally have a say on the issue of financing of companies that produce war materiel,” said Maja Haus, co-president of the youth wing of the Green Party, which also supports the initiative.
In 2009, a similar proposal by Switzerland without an Army to ban arms exports was rejected by just over two-thirds of voters.
This latest initiative come at a time of increased debate over arms exports. Earlier this year, Swiss Economics Minister Johann Schneider-Ammann said his ministry was considering relaxing rules on weapons exports.
Switzerland delivered war materiel worth CHF446.6 million ($477 million) to 64 countries last year, an increase of 8% on 2016 – despite a 1% drop in commodity exports as a whole.
This article was automatically imported from our old content management system. If you see any display errors, please let us know: firstname.lastname@example.org