Parmelin signs agreement for more sustainable trade
Published: Friday, Nov 15th 2024, 17:10
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On Friday, Economics Minister Guy Parmelin signed an agreement with his counterparts from New Zealand, Iceland and Costa Rica for more sustainable international trade. According to a statement from the Department of Economic Affairs, new subsidies for coal or for the production of oil and gas, for example, are to be banned.
In addition, the parties are to be obliged to reduce customs duties for the approximately 300 environmentally friendly goods and over one hundred environmentally related services defined in the agreement, as announced by the Federal Department of Economic Affairs, Education and Research (EAER). These and the sectors involved are to be strengthened as a result.
Furthermore, stakeholders who use voluntary eco-labels, for example, should be supported with non-binding guidelines to avoid unnecessary barriers to trade or implementation costs. Ecolabels help consumers to better recognize how products should be assessed in terms of their sustainability. Suppliers can thus better advertise the ecological added value of their products.
Ultimately, the Agreement on Climate Change, Trade and Sustainability (ACCTS) is intended to support the transition to "low-emission, climate-resilient and sustainable" economies. According to the press release, it should play a pioneering role and grow with additional contracting parties.
The Swiss parliament still has to approve the agreement. It is expected to enter into force for Switzerland at the beginning of 2026.
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