On his last day at the 2009 Annual Meeting of the World Economic Forum (WEF), President Hans-Rudolf Merz held bilateral talks with the Japanese Prime Minister Taro Aso to discuss the imminent signing of a free trade accord between the two countries.
On the sidelines of the WEF, President Merz met Taro Aso to discuss strengthening bilateral relations with the aim of boosting mutual investments, particularly in their industrial and services sectors. According to a statement from the Swiss Ministry of Economics both delegations discussed the economic crisis and how it should be resolved.
In a statement on January 16, Doris Leuthard, head of the Swiss Department for Economic Affairs, announced that she would travel to Tokyo on February 19 to sign the accord and finalise the agreement, which has been in the pipeline for several years since talks began into the feasibility of such an agreement on October 31, 2005. The accord will be the first of its kind between a European nation and Japan, the second-largest economy in the world.
Japan and Switzerland reached an agreement in principle on the FTA last September. According to a joint statement issued at the time, the treaty will eliminate or reduce tariffs on industrial, agricultural, forestry and fishery products comprehensively. In addition, the agreement contains provisions on non-tariff measures. Both parties will also promote trade facilitation and effective enforcement against illicit goods or goods infringing intellectual property rights through simplification of customs procedures, cooperation between authorities and exchange of information.
The agreement, dubbed the JSFTEPA, will provide a framework for further expansion and facilitation of cross-border investment between the two countries through commitments on national treatment, most-favoured-nation treatment, and enhanced protection of investors through a dispute settlement mechanism.
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