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Switzerland Free Trade Agreements

The ongoing implementation of these agreements obliges Switzerland to adopt relevant EU legislation in the covered sectors. After being recognized by the Peace of Westphalia in 1648 as an autonomous state, Switzerland has retained a modern market economy, with craftsmen gaining a reputation for quality and skill throughout Europe. After the Napoleonic Wars (1803-1815), Switzerland experienced a period of strong economic growth. There have been improvements in the agricultural sector and tourism, mainly from England, has begun to increase. The Swiss industry was the sector that grew the most during this period. As England has imposed a blockade on the textile industry, Switzerland has been pushed to modernise textile production and start mechanical spinning. In 1802, a large cotton factory was built in Zurich, leading to a boom in the textile industry. With the increase in textile production and the modernization of spinning techniques, Switzerland quickly began exporting surplus textiles. With the growth of the textile industry, the need for cheap labour and raw materials, which were missing from Switzerland and thus imported from other countries, increased. In 1848, after the unification of the state by the Federal Constitution, Switzerland was politically stable and without war, which could not be said for other European countries at that time. Switzerland has focused exclusively on improving its industrial, agricultural and financial sectors.

[1] On 22 December 2016, Switzerland and the EU reached an agreement under which a new Swiss law requires Swiss employers (in response to the referendum) to recruit job seekers (Swiss nationals or not registered in Swiss employment agencies) while observing the free movement of EU citizens to Switzerland so that they can work there. [15] There are currently more than 100 bilateral agreements between the EU and Switzerland. Switzerland has been a member of the World Trade Organization since July 1995. Under the WTO, Switzerland has pledged to reduce tariffs and preserve open services markets. The WTO ensures that all Member States comply with the requirements imposed on them and that the requirements are properly implemented. With its accession, Switzerland is able to settle trade disputes with other countries through the WTO. [9] Switzerland`s exports to China are dominated by jewellery, which accounted for 60% of the total in 2018 and is highly volatile. Swiss jewellery exports to China increased between 2010 and 2013, with an average annual rate of 221 per cent, and slowed considerably between 2014 and 2019 to 2.7 per cent per year. The slowdown occurred despite tariff reductions for gold and jewellery products under the CSFTA and the total elimination of tariffs on many of these items.