Swiss-Russian Trade Has Potential to Grow, Official Says

Companies from Switzerland consider Russia and the Eurasian Economic Union (EAEU) to be important markets with high growth potential, the head of Switzerland’s Department of Foreign Affairs Ignazio Cassis said in an interview with TASS on Wednesday.

Last year Russia was ranked 25th among Switzerland’s trade partners, with trade volume reaching $2.8 billion, a 14% increase from 2017, the country’s foreign minister said.

“This is a rather modest figure compared with the huge trade potential. But Swiss companies consider Russia and the Eurasian Economic Union as an important market with a high growth potential,” Cassis emphasized, noting that Switzerland is the 10th biggest foreign investor in Russia.

Meanwhile, the EU’s sanctions against Russia over Crimea and Moscow’s retaliatory measures have had a negative effect on financial and trade cooperation, Cassis noted.

According to him, there are also certain problems for business in the sphere of regulation.

“Although Russia’s interest in foreign investment opens favorable opportunities for Swiss companies’ business, there are problems in the sphere of regulation,” he noted, adding that Switzerland is constantly working with Russian partners on improving these framework conditions in order to ease entry into Russian market for Swiss companies.