Historic EU-Swiss Trade Accord: A Turning Point in Bilateral Relations

Switzerland and the EU reached a landmark trade deal, addressing immigration and sovereignty issues, which could reshape their 300 billion Swiss franc trade relationship. Announced by Swiss President Viola Amherd and EU's Ursula von der Leyen, the deal awaits approval, potentially facing a Swiss referendum due to opposition.

Switzerland and the European Union announced a landmark trade agreement on Friday, aimed at strengthening their bilateral relations. The deal resolves Swiss concerns over immigration while preparing the ground for the most significant overhaul of their partnership in years.

The negotiations, which began in March, tackled contentious sovereignty issues, including dispute resolution between Swiss and EU laws. The deal represents a major step forward from previous efforts that faltered in 2021 when Switzerland abruptly withdrew. The announcement was made by Swiss President Viola Amherd and European Commission President Ursula von der Leyen during a joint conference in Bern.

Despite the agreement being historically significant, it faces significant challenges before ratification, including potential opposition in Switzerland, which could lead to a public referendum. European Trade Commissioner Maros Sefcovic highlighted the benefits for Switzerland, noting improvements in research, health, and air freight. If ratified, the agreement may take effect in 2028/29.

(With inputs from agencies.)