Singapore Switzerland Free Trade Agreement

Content of agreements The essential element of each agreement is trade in goods (including tariff reductions and other trade restrictions). They regulate trade in industrial products (SH chapters 25-97), fish and processed agricultural products. Trade in unprocessed agricultural products is generally governed by separate bilateral agricultural agreements. Benefits of agreements In 2013, 22.6% of Switzerland`s total exports will be concluded with free trade partners, with the exception of the free trade agreement with the EU. This represents 51% of Swiss exports to markets outside the EU. In particular, free trade agreements promote the growth, added value and competitiveness of Switzerland`s economic site. Tommy Koh: Bilateral relations are excellent. Switzerland has been not only a very important example for Singapore, but also a very important economic partner and we continue to learn many valuable lessons from Switzerland. Over the past 50 years, many Swiss companies have been our partners in our own economic progress and development. You have accompanied us on this journey, as we move up the value chain; They went with us down the value chain. In terms of trade, investment, technology transfer and know-how, Switzerland was our very important partner. The agreement will involve more than $22 billion ($17 billion) in trade relations.

Investment protection disciplines are consistent with those typically found in bilateral investment protection agreements, including provisions on promotion and protection, national salaries and MFN, taxation, expropriation and compensation, national regulation, transfers and key personnel. The agreement also provides for the possibility of a direct settlement of disputes between one party and an investor of another. These disputes may be subject to binding arbitration proceedings, provided both parties agree. Reservations about the chapter are contained in Appendix XI. In addition to the EFTA agreement and the 1972 free trade agreement with the European Union (EU), Switzerland currently has a network of 31 free trade agreements (FTAs) with 41 partners. Switzerland generally concludes its free trade agreements with its partners, Norway, Iceland and Liechtenstein, under the European Free Trade Association (EFTA). Nevertheless, Switzerland has the opportunity to conclude free trade agreements outside the EFTA framework, as has been the case with Japan and China.