The free trade issue was discussed at a special meeting of the federal government on Wednesday, although no concrete decisions were made. The matter is due to be discussed at government level again before the parliamentary summer break.

According to the Swiss-American Chamber of Commerce, the US ranks as second largest recipient country for Swiss exports, with its market totaling more than 10% of Swiss exports, while US exports to Switzerland exceed those to India and Russia combined. Switzerland is also the 8th largest buyer of US private sector services.

The US is the most important destination for Swiss direct investments abroad, making Switzerland the 6th largest foreign direct investor in the US. Conversely, Switzerland is the 4th most important destination for US direct investments, making the US the most important foreign investor in Switzerland, which is one of the most important locations for European headquarters of US companies.

However, the Chamber observed that Switzerland’s strong focus on Europe in recent years has been detrimental to its relationship with the US. The last time a Swiss Federal Councillor was received at the White House was in the 1980’s.

"After 15 years of European focus, the moment is right to place the economic relationship between the US and Switzerland on a solid contractual basis," said the Chamber earlier in the year.

"The possibility to negotiate an FTA with the US constitutes a unique chance to improve Switzerland’s relationship with its second most important trading partner, and in the long-term to keep at last an equal access to the US market compared with Europe," it added.

Opponents of a free trade deal fear that the US may insist on information exchange provisions that would further erode banking secrecy. However, Thomas Pletscher of economiesuisse, the Swiss Business Federation contends that banking confidentiality has "nothing to do in practice" with a free trade agreement.