Changes

==Economy==

==Economy==

Despite a dearth of [[natural resources]], the Swiss economy is among the world's most advanced and prosperous. Per capita income is virtually the highest in the world, as are wages. Trade has been the key to prosperity in Switzerland. The country is dependent upon [[export]] markets to generate income while dependent upon imports for raw materials and to expand the range of goods and services available in the country. Switzerland has liberal investment and trade policies, notwithstanding agriculture, and a conservative fiscal policy. The Swiss legal system is highly developed, commercial law is well defined, and solid laws and policies protect investments. The Swiss franc is one of the world's soundest currencies, and the country is known for its high standard of banking and financial services. Switzerland is a member of a number of international economic organizations, including the [[World Trade Organization]] (WTO), the [[International Monetary Fund]], the [[World Bank]], and the [[Organization for Economic Cooperation and Development]] (OECD).

Despite a dearth of [[natural resources]], the Swiss economy is among the world's most advanced and prosperous. Per capita income is virtually the highest in the world, as are wages. Trade has been the key to prosperity in Switzerland. The country is dependent upon [[export]] markets to generate income while dependent upon imports for raw materials and to expand the range of goods and services available in the country. Switzerland has liberal investment and trade policies, notwithstanding agriculture, and a conservative fiscal policy. The Swiss legal system is highly developed, commercial law is well defined, and solid laws and policies protect investments. The Swiss franc is one of the world's soundest currencies, and the country is known for its high standard of banking and financial services. Switzerland is a member of a number of international economic organizations, including the [[World Trade Organization]] (WTO), the [[International Monetary Fund]], the [[World Bank]], and the [[Organization for Economic Cooperation and Development]] (OECD).

 

Switzerland's machinery, metals, electronics, and chemicals sectors are world-renowned for precision and quality. Together they account for well over half of Swiss export revenues. In agriculture, Switzerland is about 60% self-sufficient. Only 7.5% of the remaining imports originated from the U.S. Swiss farmers are one of the most highly protected and subsidized producer group in the world. OECD estimates show that Switzerland is subsidizing more than 70% of its agriculture, compared to 35% in the EU. According to the newly adopted "2008-2011 Agricultural Program", Switzerland intends to reduce its subsidies from SF 14.1 billion (U.S. $11.6 billion) to SF 13.6 billion (U.S. $10.5 billion) over the next four years. In March 2007, the parliament increased the initial government bill by SF 150 million (U.S. $123 million) on the grounds that Swiss farm reforms were going too fast. The parliament also accepted international parallel imports for fertilizers and tractors. Swiss farmers will be allowed to import tractors produced in China or India and sold in the EU, and save up to $41 million (SF 50 million) annual in expenses. German [[fertilizer]] could save another $20 million (SF 25 million). A more general bill on parallel imports will be presented by the Justice Ministry to parliament by the end of 2007.

Switzerland's machinery, metals, electronics, and chemicals sectors are world-renowned for precision and quality. Together they account for well over half of Swiss export revenues. In agriculture, Switzerland is about 60% self-sufficient. Only 7.5% of the remaining imports originated from the U.S. Swiss farmers are one of the most highly protected and subsidized producer group in the world. OECD estimates show that Switzerland is subsidizing more than 70% of its agriculture, compared to 35% in the EU. According to the newly adopted "2008-2011 Agricultural Program", Switzerland intends to reduce its subsidies from SF 14.1 billion (U.S. $11.6 billion) to SF 13.6 billion (U.S. $10.5 billion) over the next four years. In March 2007, the parliament increased the initial government bill by SF 150 million (U.S. $123 million) on the grounds that Swiss farm reforms were going too fast. The parliament also accepted international parallel imports for fertilizers and tractors. Swiss farmers will be allowed to import tractors produced in China or India and sold in the EU, and save up to $41 million (SF 50 million) annual in expenses. German [[fertilizer]] could save another $20 million (SF 25 million). A more general bill on parallel imports will be presented by the Justice Ministry to parliament by the end of 2007.

The government has reaffirmed its wish to strengthen ties with other non-EU trading partners in Asia and America. Exploratory talks on a Free Trade Agreement between the U.S. and Switzerland failed to result in negotiations, due to Swiss problems with free trade in agriculture, but the two sides did agree to a new framework for economic, trade, and investment discussions. This new agreement is the Swiss-U.S. Trade and Investment Cooperation Forum (the “Forum”) and is currently assessing areas where the two governments could facilitate greater trade and investment flows.  

The government has reaffirmed its wish to strengthen ties with other non-EU trading partners in Asia and America. Exploratory talks on a Free Trade Agreement between the U.S. and Switzerland failed to result in negotiations, due to Swiss problems with free trade in agriculture, but the two sides did agree to a new framework for economic, trade, and investment discussions. This new agreement is the Swiss-U.S. Trade and Investment Cooperation Forum (the “Forum”) and is currently assessing areas where the two governments could facilitate greater trade and investment flows.  

Switzerland ranks 17th among the main trading partners of the U.S. worldwide. The United States is the second-largest importer (11.5%) of Swiss goods after Germany (20%). The U.S. exports more to Switzerland each year than to all the countries of the former Soviet Union and Eastern Europe combined, and Switzerland imports more U.S. products and services than does Spain. In addition, the United States is the largest foreign investor in Switzerland, and conversely, the primary destination of Swiss foreign investment. It is estimated that 200,000 American jobs depend on Swiss foreign investments. Total U.S.-Swiss bilateral trade increased from $15.33 billion during 2003 to $16 billion in 2004.  

Switzerland ranks 17th among the main trading partners of the U.S. worldwide. The United States is the second-largest importer (11.5%) of Swiss goods after Germany (20%). The U.S. exports more to Switzerland each year than to all the countries of the former Soviet Union and Eastern Europe combined, and Switzerland imports more U.S. products and services than does Spain. In addition, the United States is the largest foreign investor in Switzerland, and conversely, the primary destination of Swiss foreign investment. It is estimated that 200,000 American jobs depend on Swiss foreign investments. Total U.S.-Swiss bilateral trade increased from $15.33 billion during 2003 to $16 billion in 2004.

 

==History==

==History==