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Switzerland eyes great potential for developing trade with Russia

Switzerland eyes great potential for developing trade with Russia

MOSCOW, : Swiss companies consider Russia and the Eurasian Economic Union as an important market with a high growth potential, Head of Switzerland’s Department of Foreign Affairs Ignazio Cassis said in an interview with TASS published on Wednesday.

According to him, last year Russia was ranked 25th among Switzerland’s trade partners, with trade volume reaching $2.8 bln, a 14% increase from 2017.

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