‘Miracle’ needed for quick EU-Swiss treaty deal

Swiss Foreign Minister Ignazio Cassis addresses a news conference in Bern, Switzerland. (Reuters/File)
Updated 04 August 2019
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‘Miracle’ needed for quick EU-Swiss treaty deal

  • A stalled agreement has disrupted cross-border trading

ZURICH: It would take a “miracle” for Switzerland and the EU to clinch a quick deal over a stalled partnership treaty that has disrupted cross-border share trading and strained bilateral ties, Swiss Foreign Minister Ignazio Cassis said.

Cassis’s comments in an interview in the SonntagsBlick newspaper underscored pessimism over prospects for ending a political logjam over the pact, which Brussels has sought for a decade but the Swiss have failed to endorse after more than four years of negotiations.

European Commission President Jean-Claude Juncker has urged Bern to wrap up the accord before his term is due to end on Oct. 31. German Defense Minister Ursula von der Leyen is set to replace him as commission head.

“An agreement with the current commission would be a miracle,” Cassis said in the newspaper interview published on Sunday.

“I don’t know where Ms. von der Leyen stands on the treaty. The EU’s position will probably stay the same, but the tone could change. And with a bit of serenity it will be easier to agree.”

Swiss President Ueli Maurer last week also played down prospects for quickly ending the standoff with Switzerland’s main trading partner.

Brussels blocked EU-based investors from trading on Swiss exchanges from July 1 as the row escalated over the treaty, under which non-EU member Switzerland would routinely adopt EU single market rules. The Swiss retaliated by banning EU venues from hosting Swiss stock trading.

Swiss share trading volumes soared last month to their highest in years as the ban forced market participants on to the domestic exchange.

In Bern, resistance to the treaty — Switzerland’s top foreign policy issue by far — encompasses the normally pro-Europe center left to the anti-EU far right, which both see the danger of the pact being an infringement of Swiss sovereignty.


Saudi e-commerce via mada cards hits record $8.18bn in October 

Updated 25 December 2025
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Saudi e-commerce via mada cards hits record $8.18bn in October 

RIYADH: E-commerce spending in Saudi Arabia via mada cards surged to a record monthly high in October, exceeding SR30.7 billion ($8.18 billion). 

The increase marked a 68 percent year-on-year rise, or about SR12.4 billion more than the SR18.3 billion recorded in October 2024, according to the statistical bulletin of the Saudi Central Bank, known as SAMA. 

E-commerce sales in the third quarter of 2025 reached SR88.3 billion, up 15.2 percent from the previous quarter, an increase of around SR11.6 billion from SR76.6 billion in the second quarter. 

On a month-on-month basis, e-commerce sales in October rose 6 percent, gaining roughly SR1.6 billion from September’s total of SR29.1 billion. 

From January to October, mada data showed e-commerce sales climbed 47.3 percent, rising by about SR9.9 billion from the SR20.9 billion recorded in January. 

The series tracks e-commerce transactions conducted via mada cards, including online purchases, in-app payments and e-wallet checkouts, while excluding transactions processed through credit card networks.