Swiss-EU Financial Contributions Set to Surge in New Trade Deal

Switzerland is negotiating a deal with the European Union that could see its financial contributions rise significantly. The contribution would support economic development in Eastern Europe, increasing from 130 million to around 350 million Swiss francs annually. Negotiations continue, aiming for an agreement before Christmas.

Switzerland is on the brink of increasing its financial contributions to the European Union under a bilateral trade agreement currently under negotiation. The potential increase would see Swiss support for Eastern European development rise from 130 million to approximately 350 million Swiss francs annually, Swiss national broadcaster SRF reported.

The Swiss foreign ministry and the European Commission have yet to comment on this development. Diplomatic sources indicated that talks are progressing, with hopes for an agreement in the coming weeks. An EU diplomat noted that while negotiations advance, Switzerland's exact financial commitment remains undetermined.

The European Commission will update EU ministers on negotiation progress next Tuesday. According to a Swiss newspaper, future contributions could match those of Norway, reaching up to 450 million euros annually. Historically, Switzerland has made voluntary contributions to EU development projects since 2007, but the EU is pushing for these payments to become mandatory under the new agreement.

(With inputs from agencies.)