Switzerland, South Korea boost economic cooperation

Swiss Economics Minister Pascal Couchepin and the South Korean ambassador to Switzerland Soon-Tae Kwon have signed a comprehensive economic agreement which will include Swiss-South Korean cooperation at the World Trade Organisation.

Swiss Economics Minister Pascal Couchepin and the South Korean ambassador to Switzerland Soon-Tae Kwon have signed a comprehensive economic agreement which will include Swiss-South Korean cooperation at the World Trade Organisation.

The Swiss economics ministry said the accord, signed in the capital Berne late Tuesday, marked Switzerland’s first such cooperation agreement with an Asian nation at the level of the WTO, which is the world’s top trade body.

Couchepin said the agreement was in line with the government’s declared aim of stepping up economic relations with non-European nations.

Switzerland is not a member of the European Union but has just signed a series of bilateral accords with the 15-nation EU. The accords still have to be ratified by the parliaments of the EU and Switzerland.

Under the new economic accord, Switzerland and South Korea will work toward lowering trade barriers and boosting trade and investments.

A preparatory committee would be set up to work on future bilateral agreements, the economics ministry said, adding that the committee would above all discuss customs issues and the framework for a free trade agreement.


Sources: APD, sda-ats