Switzerland and EU Race Toward Groundbreaking Economic Accord

Switzerland and the European Union are advancing in negotiations to update their economic relations. Key issues include free movement, electricity, and financial contributions. Despite progress, challenges remain, particularly regarding immigration pressures pushed by the Swiss People's Party. The successful agreement would require parliamentary approval and a Swiss referendum.

Switzerland is making significant progress in updating its economic relationship with the European Union, as per a government announcement on Wednesday. Discussions cover critical areas such as free movement, electricity, and financial contributions.

The Swiss Federal Council reported advancements in negotiations but acknowledged ongoing challenges. The influential Swiss People's Party continues to pressure the government against immigration amidst concerns over population management.

Successful negotiations would require parliamentary approval and a referendum in Switzerland, potentially extending the process for years. A deal could compel Switzerland to adopt around 150 EU legal acts as part of the agreement package.

(With inputs from agencies.)