Switzerland and Japan exchanged formal notes in Bern on July 29, for the entry into force of a proposed free trade agreement (FTA) between the two countries. The two parties have agreed that the accord will enter into force on September 1, 2009.
Progress has been rapid since the start of negotiations in 2007, as has been the ratification process for both parties. The agreement was first signed in Tokyo in February 2009 by Councilor Doris Leuthard, Head of the Swiss Federal Department of Economic Affairs, and the Japanese Foreign Minister Hirofumi Nakasone.
The accord has broad scope, spanning trade in goods and services, movement of natural persons for business purposes, and the making and protection of investment, and of intellectual property, electronic commerce and competition. The accord will also remove duties on trade and investment between the two countries in a number of areas. The Swiss government estimates that the reduction in tariffs will save Swiss exporters some CHF100m (USD91.5m) annually.
Japan is currently Switzerland's second largest foreign market, and its largest trading partner in Asia. In 2008, Swiss exports to Japan totaled CHF7.1bn, whilst imports amounted to CHF4.1bn. Swiss direct investment in Japan amounted to CHF14bn at the end of 2007. The accord is the most significant FTA for Switzerland since 1972, when it entered into an FTA with the European Community. From September 1, 2009, Switzerland will be the first European country with which Japan has concluded an agreement, establishing Switzerland as a hub for Japanese trade and investment in Europe.
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