Moving Toward Closer Trade Relations Between the United States and Switzerland
Trade and Investment Cooperation Forum
On May 25th of this year, the United States and Switzerland signed an agreement establishing a Trade and Investment Cooperation Forum, the purpose of which is to discuss bilateral trade and related issues, and examine ways to strengthen economic relationships between the two countries. This was the ending to what had been planned by the Bush Administration as a process towards a free trade agreement. Although these efforts are now at a dead end, the Forum is a consolation prize to this major European country that is not an EU member.
To review the full text of the US-Switzerland Trade and Investment Cooperation Agreement, please click here.
Existing Trade Statistics
The United States ranks as the second-largest destination for exports from Switzerland, while Switzerland ranks as the seventeenth-largest for exports from the United States. In 2005, two-way goods trade between the two countries totaled $23.7 billion dollars, with U.S. exports to Switzerland totaled $10.7 billion. Products exported from the United States include machinery, pharmaceutical products, optic and medical instruments, and agricultural products. Furthermore, Switzerland is the eighth largest buyer of US private sector services, and two-way goods trade in services totaled $17.6 billion during 2005. As far as direct investments are concerned, during the same period of time Switzerland ranked as the sixth-largest foreign direct investor in the United States, while 4% of US direct investment abroad was invested in Switzerland.
For further trade-related information with regard to Switzerland, please visit the following linked websites.