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Switzerland, South Korea Strengthen Trade Ties

by Ulrika Lomas, Lowtax.net, Brussels
23 January, 2014

During a recent business forum in Bern, attended by high-ranking business representatives from South Korea and Switzerland, a series of Memoranda of Understanding (MoUs) were signed, as part of efforts to further strengthen the excellent trade relations between the two countries.

In particular, the MoU's are designed to increase and improve mutual cooperation in the areas of social insurance, the economy, health, and research.

On the invitation of the Swiss Federal Council, South Korean President Park Geun-Hye accompanied the delegation on this, her first visit to Switzerland.

In terms of gross domestic product (GDP), South Korea ranks among the ten largest economies. Concluded in 2006, the Free Trade Agreement (FTA) between South Korea and Switzerland is of major importance for the Swiss economy. The treaty has served to greatly boost bilateral trade in goods. In 2012, exports of Swiss products to South Korea grew by 3.8 percent. South Korea is the Confederation's sixth most important trading partner in Asia

Switzerland's main export products to South Korea include machines, chemical and pharmaceutical products, precision instruments, and watches. The main goods imported from South Korea include cars, electronic equipment, plastics, and products for the chemical industry.

Aside from the good trade relations, both countries share innovation strengths, with Switzerland and South Korea ranking among the top innovation champions.

The business forum was organized jointly by Swiss business federation Economiesuisse and by the Federation of Korean Industries (FKI).

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