Australia and Switzerland announced on November 14, 2019, that they have agreed to launch negotiations for a free trade agreement (FTA). The agreement is expected to boost trade and investment between the two countries, leading to increased economic growth and job creation.
The two countries have been discussing the possibility of a free trade agreement for several years, and the decision to launch the negotiations was welcomed by business groups in both countries. The negotiations are expected to cover a wide range of issues, including tariffs, non-tariff barriers, services, investment, and intellectual property.
Switzerland is an important trade partner for Australia, with bilateral trade between the two countries worth $3.9 billion in 2018. Switzerland is Australia`s fifth-largest trading partner in Europe, with key exports including pharmaceuticals, chemicals, and medical equipment. Australia`s major exports to Switzerland include gold, wine, and cheese.
The free trade agreement is expected to provide new opportunities for Australian businesses to access the Swiss market, particularly in areas such as agriculture, financial services, and advanced manufacturing. Swiss companies are also expected to benefit from greater access to the Australian market, particularly in areas such as medical technology, pharmaceuticals, and precision engineering.
The free trade agreement between Australia and Switzerland is part of Australia`s broader strategy to increase its trade and investment relationships with other countries. Australia has already signed free trade agreements with a number of other countries, including China, Japan, and South Korea, and is currently negotiating agreements with the European Union and the United Kingdom.
The announcement of the free trade agreement between Australia and Switzerland was welcomed by business groups in both countries. The Australian Industry Group said the agreement would help to create jobs and boost economic growth, while the Swiss Business Federation said the agreement would strengthen the economic ties between the two countries.
In conclusion, the free trade agreement between Australia and Switzerland is expected to provide significant benefits for both countries. The agreement will boost trade and investment, create new jobs, and provide new opportunities for businesses in both countries. As negotiations continue, it will be important for both Australia and Switzerland to work together to ensure that the agreement is comprehensive and mutually beneficial.