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The European Union is Switzerland's largest trading partner, and Switzerland is the EU's fourth largest trading partner, after the United Kingdom, United States and China. Export of goods from Switzerland accounts for 5.2% of the EU's imports; mainly chemicals, medicinal products, machinery, instruments and time pieces.
Although it is surrounded by member nations, Switzerland is not a member nation of the European Union. In 1992 Swiss voters approved membership in the International Monetary Fund and the World Bank , but later that year rejected the European Economic Area agreement, which the government viewed as a first step toward European Union membership.
ZURICH (Reuters) -The Swiss government on Friday approved a new negotiating mandate for talks with Brussels to modernize the country's relationship with the European Union after a previous bid ...
The government of Switzerland is a federal ... The country has no major disputes in its bilateral relations. ... (2011e), Switzerland & the EU: The ...
The government of Switzerland welcomed the results and promised not to ignore opponents of the agreements. [2] The European Commission also welcomed the result of the referendum and described it as an "important step" in Swiss-EU relations. [12] Opponents called on the government to withdraw their application for membership of the European ...
Switzerland maintains diplomatic relations with almost all countries and historically has served as an intermediary between other states. [104] Switzerland is not a member of the European Union; the Swiss people have consistently rejected membership since the early 1990s. [104] However, Switzerland does participate in the Schengen Area. [108]
The European Union is the main trading partner of Switzerland, with around fifty-two percent of exports going into the EU. This trade relationship began when the EU and Switzerland had created the Free Trade Agreement of 1972. This gave each country the ability to trade industrial products free of a customs duty.
The Republic of Korea (South Korea) and the European Union (EU) are important trade partners: Korea is the EU's 9th largest trading partner and the EU is Korea's second largest export market. The two have signed a free trade agreement which will be provisionally applied by the end of 2011.