Switzerland launches trade alliance with 13 small and medium-sized economies
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Switzerland launches trade alliance with 13 small and medium-sized economies
Switzerland wants to diversify and strengthen trade relations together with 13 other countries. With this in mind, the small and medium-sized economies involved have launched the 'Future of Investment and Trade Partnership'.
The new initiative brings together small and medium-sized economies with an interest in open and rules-based global trade. According to the economics ministry, this is a further platform for Switzerland to strengthen and diversify its trade relations. Economics Minister Guy Parmelin launched the Future of Investment and Trade (FIT) Partnership on Tuesday together with ministers from the participating countries.
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Together, the members want to increase their influence in the global economy, strengthen the rules-based trading system and develop solutions for the challenges in global trade. According to the ministry press release, the thematic priorities are the resilience of supply chains, the dismantling of non-tariff trade barriers, investment facilitation and the use of new technologies in trade.
Tensions and uncertainties
The current trade policy environment is characterised by tensions and uncertainties. There is also an increased risk of fragmentation of the global economy and a slowdown in global economic growth. These developments are worrying for countries like Switzerland.
In addition to Switzerland, the founding members include Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, the United Arab Emirates and Uruguay. Switzerland was heavily involved in the conceptualisation of the initiative and will play a leading role.
The FIT Partnership functions as a network, whereby the members do not enter into any legal obligations and do not establish a formal organisational structure. The partnership is open to other interested countries and also involves the private sector.
Adapted from German by DeepL/ac
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