Swiss Economy Minister ‘Deplores’ EU Stock Trading Ban: Le Temps

(Bloomberg) -- The Swiss government “deplores” the European Union's clamping down on Swiss stock trading amid a dispute over an agreement to streamline political ties, Economy Minister Guy Parmelin said.

Switzerland remains “in contact” with the EU and hopes to find a solution that both parties can agree on in what appears to be a deadlock in talks over the so-called framework treaty that's been more than four years in the making, Parmelin said in an interview with Swiss newspaper Le Temps.

Read More: Swiss Standoff With EU Belies Country's Deep Economic Dependence

Much as with U.K. Prime Minister Theresa May's Brexit deal, the EU has declined to re-open talks about several provisions in the deal that are unpopular in Switzerland. The EU used Switzerland's stock market as a bargaining chip.

Parmelin, a member of the nationalist Swiss People's Party (SVP), also said that while the free movement of people between Switzerland and the EU had both “advantages and inconveniences,” the advantages prevailed. Switzerland never joined the EU yet enjoys close ties including labor market access.

To contact the reporter on this story: Albertina Torsoli in Geneva at atorsoli@bloomberg.net

To contact the editors responsible for this story: Jan Dahinten at jdahinten@bloomberg.net, Catherine Bosley

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