Switzerland is softening its historic opposition to accepting the rule of foreign courts, as it seeks to secure its relationship with the EU in a deal that could set a precedent for Britain’s future ties with the bloc.
[...]Ignazio Cassis, foreign minister, said on Monday that the country could agree to an independent arbitration panel as part of a deal that would also allow Swiss laws to change in line with EU legislation.
His statement moves Bern closer towards accepting Brussels’ plans for a three-person arbitration panel that would resolve Swiss-EU disputes, on condition that issues relating to EU law were referred to the European Court of Justice.
The concession, given a cautious welcome in Brussels, could help end a four-year dispute over Switzerland’s trading arrangements with the EU, which have come under increased scrutiny since the UK voted to leave the bloc.
Brussels officials have long been uncomfortable with the more than 100 bilateral treaties that give Switzerland access to EU markets but that do not change automatically in line with the bloc’s laws. The EU also wants to avoid any similar arrangement with the UK.
As Brussels has stepped up pressure on Switzerland for a fundamental change in their relationship, the two sides have become embroiled in a stand-off.
In a deliberate snub, Brussels in December said European and Swiss equities traders would be allowed access to each others’ markets for just 12 months — rather than the unlimited period sought by Bern.
Following heated arguments within Switzerland’s ruling cross-party federal council, Mr Cassis announced on Monday that the country wanted a “swift” deal with Brussels ahead of European parliamentary elections next year.
“We are looking for a stable relationship with the EU,” he told journalists. [...]
Full article on Financial Times (subscription required)
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article