Switzerland and the European Union on Friday unveiled a deal to carry out the biggest overhaul of their trade ties in years, overcoming Swiss concerns about immigration and setting the scene for a fraught and lengthy approval process, APA reports citing Reuters.
Covering everything from electricity to state aid, transport and freedom of movement, plus Bern's financial contribution to the bloc, the accord drew the EU and its fourth-biggest export market closer and gave added certainty to Swiss companies that rely heavily on the 27-nation alliance for business.
Though it faces big tests before ratification, the deal is a step forward from the last bid, which failed in 2021 when Bern abruptly pulled out. It also delivers a boost to the EU as it tries to move past Britain's 2016 vote to exit the bloc.
Swiss President Viola Amherd and the president of the European Commission, Ursula von der Leyen, announced the agreement at a hastily-convened joint news conference in Bern.
"Today is a milestone for the stabilization and further development of bilateral relations," said Amherd, the head of Switzerland's seven-member executive, the Federal Council.
Von der Leyen described the agreement as "historic" and vital given geopolitical turmoil.
"In Switzerland as well as in our 27 member states, in this challenging environment, strong partnerships like ours are not just an advantage, they're a must," she said.
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