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Home / Business / Switzerland-EU partnership piece faces deadline | News | DW

Switzerland-EU partnership piece faces deadline | News | DW



The relationship between non-EU Switzerland and its 28 EU neighbors was strained Sunday, with the EU threatening from midnight to end its preferential treatment of Swiss exchanges. From July 1, the EU no longer announced Swiss stock exchange regulations as being equal.

Switzerland, last week announced a "protective" plan – put into effect on Monday – it would carry EU stock exchanges from trading in certain Swiss stocks.

EU-based brokers and banks generally generate more than half of the turnover on Swiss stock markets, including stocks in heavyweights such as Nestle, Roche and Novartis.

Although not directly related to the Partnership Treaty, preferential treatment is terminated by the EU as a negotiating chip to get Bern to ratify the agreement.

The Partnership Treaty, in the works since 201

4 and officially known as the institutional framework agreement, will "ensure a more coherent and effective" governance of issues such as mutual market access and labor movement between the alpine and the neighboring EU neighbors.

Although not a member of the EU, Switzerland already has around 20 bilateral agreements with the block and even makes a financial contribution to the EU. After the US and China, it is the EU's third largest trading partner.

Ratification is pending elections

Under the Treaty text, Switzerland will comply with the EU's internal market rules, including freedom of movement commissions and scrutiny by the EU Court.

However, Switzerland has denied ratification with an election in parliament next October and its citizens entitled to force referendum on the case.

A six-month extension, given in December last year, expires this Sunday, June 30.

Transverse Alliance

Contrary to giving Brussels too much perception, it has been the right anti-EU Swiss People's Party (SWP) and the Social Democratic Social Democrats (SP).

The Swiss left, including unions, fears a dilution of Swiss labor rules intended to protect the alpine nation from temporary temporary employment abroad.

The media expiry Euractiv reported in May that "two out of three Swiss companies want Switzerland to sign" the draft treaty.

Last Wednesday, the European Commission stated that the deadline was left, with both sides refusing to blink.

Extra time, Cassis urges [19659002] Last Thursday, Swiss Foreign Minister Ignazio Cassis said that the alpine nation needed extra time "because we have a different political structure and we cannot just decide in the government and that is what . "

There was still a need for more consultations with Swiss unions and employers To falsify the majority "satisfied" with the outcome, Cassis told the Swiss broadcaster SRF.

Analysts said broader, the EU wants to avoid returning to its stance, as it is considering even more negotiations with the UK on post-Brexit relations.

ipj / ng (dpa, Reuters, AP)

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