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After more than four years of negotiations, Switzerland has refused to endorse its draft EU partnership treaty, which would see the non-EU member routinely adopt the bloc's single market rules. With Switzerland raising concerns over its future sovereignty, Ignazio Cassis, the Swiss foreign minister, poured cold water on the prospect of ending the deadlock despite the European Union recently escalating the row.

Jean-Claude Juncker, the European Commission’s outgoing president, has urged Bern to finalise the pact before his mandate comes to an end on October 31. But Mr Cassis doubts a deal is possible before November and is now seeking to continue talks with Ursula von der Leyen, the Commission’s president-elect. He said: “An agreement with the current Commission would be a miracle. “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 the prospect of making quick progress over the stalled talks.

Swiss foreign minister Ignazio Cassis says EU deal needs a 'miracle'

Swiss President Ueli Maurer has also expressed concerns of a speedy deal

He said: “In my view it’s not enough time. “It does not matter whether it is the autumn or next spring. We have time and we also need time so that we really have something that we can explain, we understand and that serves the interests of Switzerland.” Similarly to the Brexit negotiations, the Swiss government has asked to reopen the draft deal with the EU after it was blocked domestically because of concerns of national sovereignty. Brussels blocked Switzerland's access to Europe financial services market on July 1 as the row over the treaty escalated. JUST IN: Brexit LIVE: Pound defies no deal threat in recovery

Swiss officials don't believe a deal can be done before Jean-Claude Juncker steps down on October 31

The Swiss retaliated by banning EU venues from hosting Swiss stock trading, which helped stock volumes soar to their highest in years as the ban forced firms onto the domestic market. The fall-out is being closely watched in Britain as a test case for how EU shares may be traded in London after Brexit. In a note circulated by Johannes Hahn, the European Commissioner responsible for the Swiss talks, in June said making an example of Switzerland was necessary to make a political point to Britain. He wrote: "We simply cannot accept any further attempts of foot dragging and watering down internal market rules, especially in what is probably the decisive phase regarding Brexit." DON'T MISS

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EU countries: Annual financial contributions

City of London financiers are concerned about the possibility of Britain using the same equivalence regime with the EU in the future. Under the system, Brussels decides whether a third country is following its rules and regulations before granting access to Europe's financial market. But the Commission can revoke that access with as little as 30 day's notice if the Brussels-based executive feels the rules aren't being followed strenuously enough. Valdis Dombrovskis, the Commissioner responsible for financial services, attempted to allay fears that the Commission would lead a fast-tracked crackdown on Britain.

EU Commissioner Johannes Hahn has previously recommended Swiss crackdown to give Brexit lesson to UK

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