Swiss businesses welcome EU trade reform deal

Swiss businesses welcomed a new agreement to reform its relationship with the European Union (EU), aiming to stabilise trade relations with the EU.

The accord, which still requires ratification, will harmonise standards, grant access to EU research programmes, and facilitate the movement of people while addressing concerns over migration.

Economists predict long-term benefits, with UBS forecasting 1.3 per cent economic growth for Switzerland in 2025, outpacing Germany’s 0.6 per cent and the eurozone’s 0.9 per cent.

Key sectors like pharmaceuticals are expected to gain, with industry leaders highlighting reduced trade costs and improved access to talent and research.

The agreement provides much-needed stability amid global trade tensions and Germany’s economic slowdown, said Rudolf Minsch, chief economist at economiesuisse.

While challenges persist, businesses see the deal as a significant step forward for Switzerland’s economic resilience.

Attribution: Reuters

Subediting: M. S. Salama