Press Release

United States and Switzerland Sign "Trade and Investment Cooperation Forum" Agreement

Washington, D.C. May 25, 2006

WASHINGTON – U.S. Trade Representative Rob Portman and Swiss Federal Councilor Joseph Deiss today signed the U.S.-Switzerland Trade and Investment Cooperation Forum Agreement. This agreement establishes a "Trade and Investment Cooperation Forum" for the United States and Switzerland to discuss bilateral trade and related issues and examine ways to strengthen our economic relationship.

"Today’s agreement will provide a vehicle for deepening and broadening already strong U.S.-Swiss economic relations," said Ambassador Portman. "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 U.S. 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," continued Portman.

Two-way goods trade between the United States and Switzerland was $23.7 billion in 2005. U.S. goods exports to Switzerland in 2005 totaled $10.7 billion, including pharmaceutical products, machinery, and optic and medical instruments. U.S. exports of agricultural products to Switzerland totaled $171 million, including meat, cotton, tree nuts, and wine and beer. The stock of U.S. foreign direct investment in Switzerland was $100.7 billion. Two-way goods trade in services was $17.6 billion, and foreign direct investment was $223.6 billion.