Swiss watches get easier access to Russian market

Swiss Finance Minister Ueli Maurer and his Russian counterpart Anton Siluanov signed an agreement in Bern on Friday to ease access to Russia for Swiss watches.

The deal will remove some administrative hurdles for watches being imported into Russia, the Federal Department of Finance (FDF) said in a press release. This is being done through an amendment to a 2011 agreement on mutual recognition of official hallmarks on precious metals in the watch industry.

Maurer and Siluanov also discussed Russia’s request for a revision of the existing double taxation agreement between the two sides and “agreed to begin negotiations as soon as possible”, according to the FDF.

Trade between the two countries amounts to CHF4.1 billion ($4.4 billion), it said. Moscow holds CHF16.6 billion of Swiss capital stock, making it the ninth largest foreign investor in Switzerland. Swiss investments in Russia amount to CHF28.9 billion.