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Statement by the Republic of Korea
on the 4
thTrade Policy Review of Switzerland/Liechtenstein
(10:00, Tuesday, 23 April 2013, WTO)
1. Thank you, Mr. Chair. We would like to join previous speakers in extending a warm welcome to the delegations of Switzerland and Liechtenstein led by Ambassador Didier Chambovey and Ambassador Norbert Frick respectively. We would also like to thank the Secretariat for its comprehensive report as well as the discussant, Ambassador Mariam Salleh for her valuable contributions.
2. Mr. Chairman, first of all, we are very pleased to note that in February this year, Korea and the Swiss Confederation celebrated the 50th anniversary of the establishment of their diplomatic relations. The relationship between our two countries is, and will remain one of the most prosperous partnerships which is characterized by both an ever-growing network of contacts at all levels and a solid growth of economic and trade ties.
Indeed, it is a source of satisfaction that our economic relations have continued to deepen since Korea and the EFTA came into force in 2006. As a corollary, the volume of bilateral trade between Korea and Switzerland reached record levels in 2010 and again 2011. Korea’s total stock of investments in Switzerland reached 250 million USD in 2012. Switzerland has substantially increased its investments in Korea, with its cumulative investments reaching the level of 2.1 billion USD in 2012. In a nutshell, our economic partnership is moving from strength to strength.
It is against this backdrop that we find it encouraging that more than 50 Swiss companies which are operating very successfully in Korea are playing an important role as both countries work closely to further develop mutually beneficial and future-oriented relations. With regard to Liechtenstein, we are also pleased to witness our bilateral trade volume steadily increasing. We look forward to the further deepening of the bilateral relations between Korea and
2 Liechtenstein in many other areas as well.
3. From a trade policy perspective, as the Secretariat’s report noted, there has been no major change during the period under review. The structure of the applied MFN tariff and the competition regimes of Switzerland and Liechtenstein have changed little. In this connection, we are pleased to learn that both countries remain generally open to foreign investments and no specific trade concerns regarding Switzerland measures have been raised at the TBT and SPS meetings since 2008. It is also noteworthy that Switzerland as one of the most important global financial service centers, did not introduce any measures to change its market access conditions during the period under review.
4. Mr. Chairman, as the Secretariat also noted, we very much appreciate that Switzerland and Liechtenstein have been staunch supporters of the multilateral trading system. Both countries, signatories to the ITA and the GPA, are actively participating in the negotiations aimed at expanding the ITA and GPA in close cooperation with Korea.
When it comes to the DDA negotiations, as the Secretariat’s report pointed out, Switzerland has emphasized the importance of preserving the progress that has been achieved in the negotiations, especially in the area of trade facilitation. We share this view. Korea will also continue to work closely with the delegations of Switzerland and Liechtenstein, as the G10 group proceeds to play its due dole in the DDA negotiations. In this regard, we expect and trust that Switzerland and Liechtenstein will make meaningful contributions as Members try to ensure the success of the MC-9 in Bali.
5. We have submitted advance written questions which address Korea’s interests and concerns on issues such as the strong appreciation of the Swiss Franc and its possible economic effects on the Swiss consumer, a plan to address anti-competitive cross border merger and the assessment of Switzerland’s FTAs which are currently in force. In this regard, we thank the delegations of Switzerland and Liechtenstein in advance for providing answers to our questions which we will carefully review.
7. Mr. Chairman, in closing, we express our appreciation to the delegations
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of Switzerland and Liechtenstein for their hard work in preparing for today’s meeting, and wish them all a very successful TPR.
Thank you. / End/
