ࡱ> @ TbjbjFF >,,IRVVVVVVVT6\6\6\\D]e,]4^^^^^V$_@_ R VR|^^R|R| VV^^\\XR|V^V^XR|\\VV^] Lv6\~.50e.pXVVVVVP_ .i X:putP_P_P_ d%>$6">World Trade OrganizationRESTRICTEDWT/TPR/S/141 17 November 2004 (04-4777)Trade Policy Review Body TRADE POLICY REVIEW DOCPROPERTY "Country"Switzerland and Liechtenstein Report by the Secretariat  This report, prepared for the second joint Trade Policy Review of Switzerland and Liechtenstein, has been drawn up by the ϲʹ Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from the Government of Switzerland and Liechtenstein on its trade policies and practices. Any technical questions arising from this report may be addressed to Mrs. Catherine Hennis-Pierre (tel: 022/7395640) and Mr. Jacques Degbelo (022/7395583). Document WT/TPR/G/141 contains the policy statement submitted by Switzerland and Liechtenstein.  ADVANCE \y 700  Note: This report is subject to restricted circulation and press embargo until the end of the meeting of the Trade Policy Review Body on DOCPROPERTY "Country" Switzerland and Liechtenstein. CONTENTS Page summary observations vii (1) Main Economic Developments vii (2) Trade and Foreign Investment Regime vii (3) Trade Policy Instruments viii (4) Sectoral Policies viii (5) Trade Policy and Trading Partners ix I. Economic environment 1 (1) Introduction 1 (2) Recent Economic developments 2 (i) Macroeconomic developments 2 (ii) Sectoral developments 8 (iii) Balance of payments 10 (3) Developments in Trade 11 (i) Switzerland 11 (ii) Liechtenstein 14 (iii) Trade in services 16 (iv) Foreign direct investment 16 (v) Outlook 19 II. trade and Investment regimes 20 (1) General Framework 20 (2) Agencies Involved in Trade Policy Implementation 21 (3) Trade Policy Objectives 21 (4) Trade Agreements and Arrangements 22 (i) ϲʹ 22 (ii) Regional and bilateral agreements 23 (iii) Trade disputes and consultations 37 (5) Foreign Investment Regimes 38 (i) Switzerland 38 (ii) Liechtenstein 40 III. trade policies and practices by measure 42 (1) Overview 42 (2) Measures Directly Affecting Imports 43 (i) Registration, documentation, and customs procedures 43 (ii) Tariffs, other duties and taxes 44 (iii) Rules of origin 53 (iv) Anti-dumping, countervailing, and safeguard measures 55 (v) Import prohibitions, licensing, and controls 56 (vi) Local-content and local-purchase requirements 58 (vii) Standards and other technical requirements 58 (viii) Government procurement 67 Page (3) Measures Directly Affecting Exports 71 (i) Export procedures, taxes, and controls 71 (ii) Export subsidies, and duty and tax concessions 72 (iii) Export promotion 72 (iv) Export credits, insurance and guarantees 72 (v) Other provisions 74 (4) Measures Affecting Production and Trade 74 (i) Government subsidies and other assistance 74 (ii) State-trading enterprises and exclusivity rights 77 (iii) Developments in competition policy and price surveillance 80 (iv) Intellectual property rights (IPRs) 84 IV. trade policies by sector 90 (1) Introduction 90 (2) Agriculture 91 (i) Overview 91 (ii) Specific policy measures 97 (3) Manufacturing and Energy 106 (i) Manufacturing 106 (ii) Energy 110 (4) Construction 115 (5) Telecommunications 117 (6) Postal Services 123 (7) Overland Transport 124 (8) Air Transport 126 (9) Tourism 132 (10) Professional Services 133 (i) Legal services 134 (ii) Accounting and auditing services 135 (iii) Engineering and architectural services 139 (11) Financial Services 140 (i) Banking services 141 (ii) Insurance services 146 references 151 APPENDIX TABLES 155 CHARTS Page I. Economic environment I.1 Real exchange rate developments, 1999-04 7 I.2 Switzerland: composition of merchandise trade, 1999 and 2003 13 I.3 Switzerland: direction of merchandise trade, 1999 and 2003 15 I.4 Net foreign direct investment flows into Switzerland, 1993-03 17 I.5 Foreign direct investment stock in Switzerland, 1998 and 2002 18 II. trade and Investment regimes II.1 Regional and bilateral trade agreements, August 2004 25 III. trade policies and practices by measure III.1 Applied MFN tariff distribution, 2004 47 III.2 Tariff escalation by ISIC 2-digit, 2004 49 III.3 Standards in the customs union, February 2004 61 IV. trade policies by Sector IV.1 Price of natural gas in selected OECD countries, 1997-03 112 IV.2 Electrictiy prices in selected OECD countries, 1997-02 114 IV.3 Construction spending by project, Switzerland, 1995-03 116 TABLES I. Economic environment I.1 Switzerland and Liechtenstein at a glance 2 I.2 Economic indicators, Switzerland, 1999-02 3 I.3 (a) LIBOR target ranges and rates, end-1999-mid-2004 (b) Swiss and other OECD-area money market interest rates, 1999-03 6 I.4 Switzerland: balance of payments, 1999-03 10 I.5 Switzerland: comparison of Sw F and US$ values of exports and imports, 1999-03 11 I.6 Switzerland: value of exports and imports, by type, January-June 2004 12 I.7 Liechtenstein: direct trade (excluding trade to and through Switzerland), 1999-02 16 II. trade and Investment Regimes II.1 Main trade-related laws and regulation in Switzerland, September 2004 20 II.2 Swiss and Liechtenstein participation in free-trade agreements, September 2004 24 III. trade policies and practices by measure III.1 Structure of the MFN tariff, 2000 and 2004 46 III.2 Summary analysis of the MFN tariff (AVEs), 2004 48 III.3 Preferential tariff by country grouping, 2004 51 III.4 Selected products subject to import prohibitions, 2004 56 Page III.5 Exclusivity arrangements affecting production or trade, 2004 79 IV. trade policies by sector IV.1 Switzerland: agricultural production, 1997-03 91 IV.2 Switzerland: self-sufficiency in basic food products, selected years 92 IV.3 Producer and consumer support estimates, selected countries, 1995-03 94 IV.4 Consumer prices of animal and vegetal products, selected years 95 IV.5 Switzerland: financial support to agriculture, and economic indicators, 1990-03 98 IV.6 Usage of domestic support categories, export subsidies and export credits, 1995-00 99 IV.7 Tariff quotas, 2004 102 IV.8 Administration of tariff quotas, 2004 103 APPENDIX TABLES I. economic environment AI.1 Switzerland: main origins of imports, by HS2, 2003 157 AI.2 Switzerland: main destinations of exports, by HS2, 2003 163 II. TRADE and investment REGIMEs AII.1 Notifications to the ϲʹ, January 1999 to July 2004 171 AII.2 Swiss and EU concessions in the 2002 bilateral agreement on agriculture 174 AII.3 EU-Switzerland protocol on processed agricultural goods 176 III. trade policies and practices by measure AIII.1 Applied MFN tariff averages by HS2, 2004 178 IV. TRADE POLICIES BY SECTOR AIV.1 Outlays for direct payments, Switzerland, 1998-03 181 AIV.2 Tariffs exceeding 50%, 2004, and value of imports 182 AIV.3 Threshold and indicative prices for groups of fodder products and seeds, 1999 and 2004 185 SUMMARY OBSERVATIONS Main Economic Developments The Swiss and Liechtenstein economies have shown differing trends in economic growth since the last joint review of their trade policies in 2000. Liechtenstein has grown rapidly, with increasing employment and a diversification of its economy. The Swiss economy is recovering from a prolonged period of stagnation; this recovery has not, so far, been coupled with declining unemployment. Internal macroeconomic developments that have affected the Swiss economy in the last four years include deterioration in the fiscal situation and sharp swings in monetary policy. Currently, Switzerland is pursuing a rigorous fiscal policy, seeking to reduce the deficit that has built up, coupled with a generally supportive monetary policy. Being linked in monetary union with Switzerland, Liechtenstein is a "policy taker" in the monetary and exchange rate areas. Both economies are increasingly reliant on high-technology and knowledge-based manufacturing industries, as well as the services sector. However, the food processing industry, highly dependent on agriculture and on protection, remains important for Switzerland and to a lesser extent for Liechtenstein. Given its small economic size, Liechtenstein has been able to focus on the development of "niche" industries in diversifying its economy; manufacturing has become an important element in the economy. Both Switzerland and Liechtenstein are also heavily dependent on external trade, and hence on developments in the world economy. The European Union (EU) remains the largest partner of both, with the United States also an important export market. Imports from rapidly developing economies such as China; Singapore; the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu; Turkey; and Brazil have grown considerably. Trade and Foreign Investment Regime Trade policy in goods for both Switzerland and Liechtenstein is principally determined by Switzerland, under the Customs Union Agreement of 1923. Liechtenstein has been a member of the European Economic Area (EEA) since 1995; Switzerland has remained outside the European Union and the EEA, and this has necessitated some adaptations of the treaties linking the two economies. Liechtenstein's membership of the EEA would seem to have contributed considerably to its economic progress in recent years. Since 2000, the Swiss Government has pursued several autonomous reforms of its trade-related policies and regulations, mainly to increase transparency, promote market competition and lower consumer prices. Proposals for changes have covered a wide range of areas such as energy, cartels, intellectual property, and government procurement, but have met varying degrees of parliamentary and popular success. The ϲʹ remains central to Switzerland's trade policy, but regional trade agreements have become ever more important. In areas such as tariffs where liberalization is largely conditional on successful ϲʹ negotiations, few unilateral reforms have been implemented since 2000. As a member of EFTA, Switzerland maintains free trade in non-agricultural products, as well as selective agricultural agreements, with other EFTA members, the EU and a number of other European countries, as well as with Chile, Israel, Jordan, Lebanon, Mexico, the Palestinian Authority, Singapore and Turkey. The main thrust for change in Swiss trade policy has come from the bilateral agreements with the expanding EU, which has resulted in notable market liberalization between the two partners, and considerable convergence of Swiss regulations to those of the EU. The first group of agreements, which entered into force in 2002, covers selected agricultural products, conformity assessment, public procurement, civil aviation, land and air transport, research, and free movement of persons. Political agreement was reached on the second group in June 2004, but they are yet to be ratified. They cover trade in various processed agricultural goods, the Schengen and Dublin agreements on justice, police, asylum and migration, taxation of savings, the environment, statistics, media, and contain provisions relating to youth, education and professional training. Trade Policy Instruments The common customs tariff of Switzerland and Liechtenstein, which is fully bound, except for gas and petroleum products, still consists entirely of specific duties. The overall simple average applied MFN tariff rate (ad valorem equivalent) was 9.3% in 2004 (up from 8.9% in 2000); this masks a considerable dispersion of rates. Ad valorem equivalents (AVEs) of tariffs on agricultural products (ϲʹ definition) average 36% and range up to 1,705%; the average AVE of tariffs on non-agricultural products is 2.3%. While only 18% of all tariff lines are duty-free, another 39% of lines carry "nuisance" rates less or equal to 2%. The common tariff shows several idiosyncrasies (partly related to the protection of agriculture and food processing), including widespread tariff exemptions on products used as inputs; a system of quarterly adjustments of agricultural tariffs for domestic price stability purposes (under a "threshold price system"); and a complex price compensation scheme designed to protect agro-processing industries and reduce their input costs. Moreover, additional tares increase the dutiable weight of many imported products, and thus the level of tariff protection. Customs procedures are efficient and transparent, with clearance mostly carried out electronically. Switzerland and Liechtenstein have not taken any anti-dumping, countervailing or safeguard measures since 2000. However, for a large number of agricultural products, they have reserved the right to invoke the special safeguard clause under the ϲʹ Agreement on Agriculture. Trade controls and restrictions are in place only for security, safety, health and environmental reasons, and to apply UN and certain EU trade sanctions. The Swiss law on cartels has been reinforced with direct sanctions against illegal agreements; it now also precludes restrictions on imports on grounds of intellectual property rights. Since 2000, the Swiss Government has abolished or reduced state trade and other exclusive rights, with a few exceptions such as on production and trade in salt. There has also been a considerable reduction of the number of technical requirements that deviate from those in the EU; a single "SPS passport" has been introduced; and conformity assessment procedures have been harmonized with those of the EU on many products. Nevertheless, this still falls short of the "Cassis de Dijon" principle applied by Liechtenstein and other EEA members on all non-agricultural goods and services. In addition to various support programmes available mainly to farmers and food producers, the Swiss government has granted, during the period under review, ad hoc support to the Swiss national airline and to two cantonal banks. Sectoral Policies Switzerland and Liechtenstein have maintained generally liberal trade regimes for manufacturing and services. Their companies are generally competitive as well as export-based, and have developed with little or no government assistance. The main exceptions are certain industries with low productivity mainly in food manufacturing, and in construction. In addition, the electricity, water, and gas subsectors remain under monopolies, although change is underway. Since their last TPR, Switzerland and Liechtenstein have continued to reform their services industries. The reforms have gone further than their multilateral commitments in certain areas, such as financial services. Liechtenstein has adapted its legislation to better combat money laundering. Bank secrecy continues to be an important aspect of the banking system in both economies. Switzerland maintains public monopolies in certain cantons on certain fire and natural damage insurance services, and on the insurance of workplace accidents. Cantonal banks enjoy fiscal privileges and debt guarantees, but their special legal status was under review in 2004. Telecommunications and postal services are two areas where significant market opening laws and regulations have been implemented on an MFN basis. The positive effects of the reforms for consumers are tangible, despite Swisscom's de facto monopoly over certain important services such as leased lines and the local loop. The range of postal services that remain under state monopoly in Switzerland and in Liechtenstein has been further reduced. The bilateral agreements between Switzerland and the EU, and Liechtenstein's membership in the EEA have also contributed to the liberalization of bilateral trade in services between the parties. Moreover, the bilateral agreement on free movement of persons with the EU may lower labour costs in Switzerland and contribute to the further development of mainly business and tourism services, which are largely labour intensive. In general, policies in the agricultural sector have yet to depart from the constitutional principle of self-sufficiency. Generally prohibitive out-of-quota tariffs on imports that compete with domestic production contribute to keeping domestic food prices high by international comparison, at the expense of consumers and other sectors of the economy. The level of financial support to Swiss agriculture has remained unchanged since 2000, although the gradual move away from price support towards direct payments has continued. Support to farmers in Liechtenstein is higher still. Food industries rely intensively on government incentives, including tariff concessions, to compensate for the effects of agricultural policies on their production costs. Export subsidies, mainly on skim milk powder and certain cheeses, at the time they were last notified in 1998, continued to be the second highest among ϲʹ Members. Currently, the authorities are promoting the development of geographical indications, labelling, and organic standards of production to develop markets for high-quality, specialty agricultural and food products. Trade Policy and Trading Partners Both Switzerland and Liechtenstein have taken steps to further liberalize their economies. Increasingly, the key element in Switzerland's reform process has been movement towards closer convergence with the EU. The bilateral agreements concluded by Switzerland with the EU have already opened, and will further open, the Swiss and EU markets in goods, services and movement of persons progressively to each other. They will also harmonize much of their trade-related legislation, without formally prejudicing Switzerland's trade policy independence. Liechtenstein's EEA membership since 1995 has opened the bulk of its economy to greater competition at the regional level, and contributed to growth. In many instances, market opening by both Switzerland and Liechtenstein has also taken place on an MFN basis, often spurred by ϲʹ provisions. The outlook for their economies depends on the continuation of this reform process, as well as on external factors, particularly continuing economic growth in other major economies. In some areas, the pursuit of common regulations between Switzerland, Liechtenstein and the EU/EEA will facilitate trade with the rest of the world. However, the bilaterally-driven increasingly liberal access between the Swiss and Liechtenstein economies on the one hand, and the expanding EEA on the other, could bias trade and investment flows and policies in a Eurocentric direction, at the expense of other developed and developing countries. It is therefore important for the authorities of both countries to consider the discriminatory elements of the existing and new agreements, and the potentially greater advantages of market opening on an MFN basis. 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