US Trade Representative Rob Portman and Swiss Federal Councillor Joseph Deiss last Thursday signed the US-Switzerland Trade and Investment Cooperation Forum Agreement.
This agreement establishes a new forum for the United States and Switzerland to discuss bilateral trade and related issues and examine ways to strengthen their economic relationship.
"Today’s agreement will provide a vehicle for deepening and broadening already strong US-Swiss economic relations," observed Ambassador Portman, adding:
"We will use the Forum to pursue initiatives in specific areas, with a view to concluding agreements or other arrangements that offer real opportunities for workers, farmers, service providers, manufacturers and consumers in our two countries."
"We will continue our dialogue with US and Swiss stakeholders as we develop an initial work program for the Forum. We will also continue our already close cooperation in the World Trade Organization," he concluded.
Two-way goods trade between the United States and Switzerland was $23.7 billion in 2005.
US goods exports to Switzerland in 2005 totaled $10.7 billion, including pharmaceutical products, machinery, and optic and medical instruments. Two-way goods trade in services was $17.6 billion, and foreign direct investment was $223.6 billion.
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