AGP Executive Report

EU-EFTA Trade: Kosovo has started free trade with Switzerland and Liechtenstein, completing its access to all four EFTA states and cutting import taxes for businesses. EFTA-India Deal: Switzerland’s President Guy Parmelin is set to visit India as the India-EFTA trade pact (TEPA) enters its second year, with talks focused on trade, investment, tech and innovation. Liechtenstein in the EU Orbit: Swiss MPs restored equal tuition fees for EU students at ETH Zurich and EPFL, while excluding EFTA students like Liechtenstein on reciprocity grounds. EFTA Legal Pressure: The EFTA Surveillance Authority has taken Iceland to the EFTA Court over Protocol 35, arguing Icelandic rules don’t always let EEA law prevail for businesses and individuals. Pharma & Tariffs: The US exempted certain specialty drugs and ingredients (including from Liechtenstein) from 100% pharma tariffs, while guidance updates clarify how Section 232 duties apply. Business & Jobs: ADEM’s cross-border conference in Luxembourg discussed EU plans to shift unemployment benefit payments to the last country of employment, alongside digitalisation of public employment services. Sports/Media: UEFA Nations matches include Azerbaijan vs Liechtenstein on Oct 1.

EFTA Trade & Investment: India–EFTA’s TEPA (including Liechtenstein) turns one year old, with a focus shifting from tariff cuts to deeper investment and jobs—EFTA targets $100bn in investment and 1m direct jobs over 15 years. Regulatory Pressure in the EEA: ESA has launched infringement proceedings against Iceland at the EFTA Court over Protocol 35, arguing Icelandic law doesn’t always give EEA-implemented rules priority in conflicts—an issue that matters for businesses operating across the EEA. Pharma Tariffs—Relief for Specialty Drugs: The US is exempting certain specialty medicines and ingredients (including from Liechtenstein) from 100% ad valorem tariffs under Section 232, covering areas like orphan drugs, fertility treatments, cell/gene therapies and antibody-drug conjugates. Cross-border Labour Policy: ADEM’s conference in Luxembourg brought together labour-market agencies from German-speaking regions (including Liechtenstein) to discuss EU unemployment-benefit reform, plus digitalisation and support services. Local Business & Mobility Context: UK guidance tightens rules for bereaved foreign nationals seeking to stay after a partner’s death, with eligibility tied to the deceased partner’s status and the applicant’s visa history.

Switzerland–Kenya–Liechtenstein business ties: Swiss institutional capital is set to connect with Kenya’s financial services and tech ecosystem via a new agreement signed at UNGA81, aiming for more investment data, transparency, lower transaction friction, and responsible use of emerging tech within Kenya’s regulatory framework. Brexit reset debate: UK Labour leader Andy Burnham says Britain could “go all the way” toward rejoining the EU, while still citing Labour’s red lines for now—setting up a fresh options review that could reshape the next election agenda. US pharma tariffs—partial relief: The US is exempting select specialty drugs and key ingredients from a planned 100% tariff, including orphan drugs, fertility treatments, cell/gene therapies, and antibody-drug conjugates; the eligible country list includes India and Liechtenstein among others. Liechtenstein in EU travel tech: The EU’s Entry/Exit System (EES) now covers Liechtenstein for biometric checks for many UK travellers, with reported queues and delays. Markets & business signals: Palantir CEO Alex Karp bought 37,000 acres of Swedish forest, while Europe’s upholstered furniture market remains fragmented and price-driven.

US Pharma Tariffs, Liechtenstein in the List: The US is expanding its Section 232 100% tariff on certain patented medicines to more drugmakers from Sept. 29, but it also published a Federal Register list granting 0% ad valorem tariff for specific specialty categories (rare disease drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates, nuclear medicines, plasma-derived therapies, and some animal health), including Liechtenstein—with the catch that it applies to qualifying products and ingredients, not the whole pharma trade. Trade & Market Impact: Industry coverage warns mid-sized and smaller firms face higher cost exposure unless they have approved plans, pricing deals, or eligible product mixes. EFTA–India Review: Separately, India and EFTA (including Liechtenstein) will review the TEPA trade pact a year after it took effect, as India’s exports to the bloc have fallen and both sides look for new market access and fewer procedural bottlenecks. Local Business Angle: The week also highlights Liechtenstein-linked pharma and trade exposure as US tariff rules tighten, while EFTA–India talks aim to protect cross-border flows.

US–Liechtenstein Trade & Pharma: The US Commerce Department has put Liechtenstein (along with 19 other jurisdictions) on a list for 0% ad valorem tariffs on specific “specialty” medicines and related ingredients, even as a broader 100% tariff on certain patented pharma imports takes effect from 29 September. The zero-duty categories cover orphan/rare-disease drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates, select medical countermeasures, and veterinary pharmaceuticals—plus eligible manufacturing components—so the relief is targeted, not a blanket exemption. EU–Canada Business Link: EU Commission President Ursula von der Leyen floated an “associate member” idea for Canada, but Brussels says there’s no clear legal mechanism yet—raising questions for trade planning under CETA and deeper market access. Healthcare Labour Rules: Ireland is temporarily relaxing its “50:50 rule” limiting non-EEA workers to 50% of staff, aiming to ease healthcare staffing shortages that have hit nursing homes and home-care services. EU Market Access for EFTA: Brazil has formally incorporated the Mercosur–EFTA free trade deal, with preferential tariffs for Switzerland/Liechtenstein pending internal steps. Liechtenstein Context: The US zero-tariff list explicitly includes Liechtenstein, underlining how small EEA/EFTA states can still matter in global supply chains.

US–Liechtenstein Pharma Tariffs: The US Commerce Department says it will apply a 0% ad valorem tariff to certain specialty drugs and ingredients from Liechtenstein (and 19 other jurisdictions) even as a 100% tariff on covered patented pharma imports is set to start Sept. 29, with eligibility tied to rare-disease and other specified categories plus qualifying trade/security frameworks. EU–EFTA Trade: Brazil has formally incorporated the Mercosur–EFTA free trade agreement; preferential tariffs for Switzerland/Liechtenstein depend on their internal procedures, with the deal set to take effect Oct. 1 for Brazil and Iceland. Liechtenstein Business Ties: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continued regional banking integration. Healthcare in Europe: The European Commission granted marketing authorization for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, with first launches expected in Germany and further access tied to reimbursement talks. Travel & Mobility: China’s updated visa-free list for 30-day stays includes Liechtenstein, supporting easier short business and tourism travel.

EU-EEA Trade & Tariffs: Brazil has formally incorporated the Mercosur–EFTA Free Trade Agreement, with preferential tariffs for Switzerland and Liechtenstein set to apply once both sides complete internal steps (Brazil from Oct 1; Norway from Nov 1). Pharma & Trade Policy: The US Commerce Department clarified which specialty drugs and ingredients can get zero tariffs ahead of a Sept 29 deadline, listing eligible products and countries including Liechtenstein. Biotech Milestone: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy (cALD), the first pharmacological treatment approved in the EU, with first launches expected in Germany. Banking & Ownership: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continuity in Liechtenstein’s financial sector. Cross-Border Business Climate: Chinese automakers kept gaining ground in Europe in August, with BYD registrations more than doubling across EU/UK/Iceland/Liechtenstein/Norway/Switzerland—raising competitive pressure for local brands. Business-Adjacent Travel/Visas: China published an updated list of 50 countries eligible for 30-day visa-free entry, including Liechtenstein.

Trade & Markets: Brazil has formally incorporated the Mercosur–EFTA free trade deal after President Lula signed it, with preferential tariffs for Switzerland and Liechtenstein dependent on their internal procedures; the agreement is set to take effect on Oct 1 for Brazil and Iceland and Nov 1 for Norway. Banking & Finance: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, celebrating the milestone in Gamprin-Bendern with local banking leadership and partners. Healthcare & Pharma: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for male cerebral adrenoleukodystrophy (cALD) patients aged 2–12 with Gd-negative brain lesions, the first pharmacological cALD treatment approved in the EU, with a first expected launch in Germany by year-end. Tech & Investing: Ondo Finance launched Ondo Intelligent Portfolios, tokenised model portfolios “powered by BlackRock” strategies, letting investors mint/redeem one onchain token for exposure to a basket. Business Mobility: Germany clarified visa and residence requirements for foreign IT specialists, including which nationalities (including Liechtenstein, Norway and Switzerland) can work without additional restrictions. Auto Industry: Chinese automakers kept gaining ground in Europe, with BYD registrations more than doubling across the EU plus Iceland, Liechtenstein, Norway and Switzerland.

Trade & Markets: Brazil has formally incorporated the Mercosur–EFTA free trade deal after President Lula’s promulgation, with entry into force set for Oct 1 for Iceland and Nov 1 for Norway; preferential tariffs for Switzerland and Liechtenstein hinge on their internal procedures, aiming to cut tariffs, quotas and other barriers and streamline customs. Banking & Finance: Bendura Bank marked a decade under Hong Kong’s Citychamp Watch & Jewellery Group ownership, highlighting its continued role in Liechtenstein’s banking ecosystem. Healthcare & Pharma: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy (cALD), with a first European launch expected in Germany and further rollouts tied to reimbursement talks. Tech & Investing: Ondo Finance launched Ondo Intelligent Portfolios, tokenised model portfolios that let investors mint/redeem a single onchain token for exposure to weighted baskets. Business Environment: Brussels’ “Made in Europe” procurement push is drawing criticism as protectionism in disguise, with the UK warning it could damage its car industry. Auto Industry: Chinese automakers kept gaining share in Europe in August, with BYD registrations more than doubling across the EU plus UK, Iceland, Liechtenstein, Norway and Switzerland. Liechtenstein Relevance: Geely’s entry into Switzerland (with Emil Frey as importer for Switzerland and Liechtenstein) signals continued expansion into the wider Liechtenstein market.

Liechtenstein in EU visa lists: China’s updated 30-day visa-free entry list includes Liechtenstein, keeping the principality in a select group of European countries eligible for short stays for business, tourism and transit. Cross-border trade: Brazil has enacted the Mercosur–EFTA free trade deal, covering EFTA members including Liechtenstein, with legal effect from Oct. 1, 2026 and plans to cut technical barriers and streamline customs. Banking milestone: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group ownership, highlighting continued integration of Liechtenstein’s financial sector into global capital networks. Auto market pressure: Chinese automakers keep gaining ground in Europe, with BYD and others posting strong registration growth across the EU plus Iceland, Liechtenstein, Norway and Switzerland—raising competitive pressure for local brands. Healthcare regulation watch: The EU granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, with first European launch expected in Germany and access dependent on reimbursement talks. EU industrial policy debate: Brussels’ “Made in Europe” procurement rules are drawing pushback over potential protectionism, with UK leaders warning they could harm the car industry.

EU–EFTA Trade Deal: Brazil enacted the Mercosur–EFTA free trade agreement, with Liechtenstein (via EFTA) included; it takes legal effect on 1 Oct 2026 and aims to cut technical barriers, streamline customs, and expand procurement access. Pharma & Health: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone), the first EU pharmacological treatment for childhood cerebral adrenoleukodystrophy (cALD) in a defined patient group, with Germany expected to be first for launch. Banking & Ownership: Bendura Bank marked a decade under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continuity in Liechtenstein’s financial sector while pointing to future plans. Digital Finance: Ondo Finance launched tokenised “Intelligent Portfolios” using BlackRock-based strategies, letting investors mint/redeem a single onchain token for diversified exposure. Auto Market Pressure: Chinese carmakers kept gaining ground in Europe in August, with BYD registrations more than doubling across EU/UK/Iceland/Liechtenstein/Norway/Switzerland—raising competitive pressure for local brands. Public Procurement Scandal (Malta): Malta’s Passports Fund paused a €10m health-centre upgrade after procurement and compliance concerns, affecting reimbursement and project continuity.

Trade & Investment: Brazil has enacted the Mercosur–EFTA free trade deal, with Liechtenstein (via EFTA) among the European partners; it takes effect Oct 1, 2026 and aims to cut technical barriers, streamline customs, and expand access to procurement, IP and sustainability commitments. Finance & Banking: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continuity in Liechtenstein’s banking ecosystem. Healthcare & Biotech: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, with first EU launches expected in Germany. Markets & Industry: Chinese automakers kept gaining in Europe, with BYD registrations surging across the EU plus Iceland, Liechtenstein, Norway and Switzerland—raising competitive pressure for local brands. Policy & Regulation: Brussels is pushing “Made in Europe” procurement rules that could reshape EU public buying with local-content and low-carbon requirements, while the EU also warned EEA partners (including Liechtenstein) to clear EU law backlogs. Tech & Investing: Ondo launched tokenised “Intelligent Portfolios” built on BlackRock strategies, packaging diversified exposure into transferable onchain tokens. Business & Compliance: Malta’s Passports Fund halted a €10m health-centre upgrade after procurement and compliance concerns, underscoring scrutiny of public spending. Economy & Mobility: China expanded its 30-day visa-free list to 50 countries, including Liechtenstein, for business, tourism and transit.

Banking & Ownership: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, celebrating the milestone in Gamprin-Bendern with local banking leaders and clients. Healthcare & Pharma: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, the first pharmacological treatment approved in the EU for male patients aged 2–12 with specific lesion criteria. Finance & Crypto Markets: Ondo Finance launched Ondo Intelligent Portfolios, tokenised model portfolios “powered by BlackRock” that let investors mint/redeem a single onchain token for exposure to weighted baskets. EU–EEA Rules: Brussels warned Iceland, Norway and Liechtenstein to clear growing backlogs of EU laws under the EEA, calling it a legal and political obligation. Automotive Trade Pressure: Chinese automakers kept gaining ground in Europe, with BYD and others posting sharp registration growth across the EU plus Iceland, Liechtenstein, Norway and Switzerland—raising competitive pressure for local brands. Sanctions & Food Supply: Russia extended its import ban on a wide range of Western food products through 2028, citing sanctions-linked retaliation amid weather-hit crop forecasts.

Automotive Trade Pressure: Chinese automakers kept gaining ground in Europe in August, with BYD registrations more than doubling to 26,007 units across the EU plus the UK, Iceland, Liechtenstein, Norway and Switzerland, while Volkswagen and Renault posted declines—fueling fresh political calls in the US to curb the trend. EU Industrial Policy Clash: The EU’s “Made in Europe” push via the Industrial Accelerator Act would steer public procurement toward local-content and low-carbon requirements across strategic sectors, and Britain is warning it could damage its car industry and trigger trade friction. EEA Compliance Warning: Brussels is pressuring EEA partners—specifically Iceland, Norway and Liechtenstein—to clear a growing backlog of EU law, framing delays as both legal and political risk to the single market. Finance & Deal Watch: Luxembourg’s BIL may be up for sale, with reports that Legend Holdings is exploring selling its ~90% stake—an item worth tracking for Swiss/Liechtenstein banking links. UN Multilateralism Moves: Canada and the EU-backed “Partners for Multilateralism” coalition gained attention at UNGA, while the UN’s rising role beyond the Security Council remains a key theme for small and middle powers.

Chinese Auto Surge in Europe: BYD and other Chinese carmakers kept accelerating in August, with BYD registrations more than doubling to 26,007 across the EU plus the UK, Iceland, Liechtenstein, Norway and Switzerland, while Volkswagen and Renault posted declines—another sign of intensifying competition for European brands. Geely Enters Switzerland (and Liechtenstein link): Geely officially launched three new energy models in Zurich—E5 (BEV), E2 (BEV) and STARRAY EM-i (PHEV)—with Emil Frey named as importer for Switzerland and Liechtenstein. EU “Made in Europe” Procurement Rules: Brussels’ Industrial Accelerator Act would steer public spending via local-content and low-carbon requirements across strategic sectors, drawing criticism from the UK that it could look like protectionism. EEA Backlog Pressure on Liechtenstein: The EU warned Iceland, Norway and Liechtenstein to clear EU-law incorporation backlogs, framing delays as legal and political risk for the single market. BIL Sale Watch: Legend Holdings is reportedly exploring a sale of its ~90% stake in Luxembourg’s BIL, with potential interest from Europe and the Middle East—watch this for knock-on effects for BIL Suisse in Zurich/Lugano. Swiss Neutrality Debate: A Swiss neutrality vote on Sept. 27 is prompting comparisons with other “neutral” states, including Liechtenstein and Austria.

UN diplomacy: Prime Minister Mark Carney used the UN General Assembly to push a stronger multilateral system, highlighting a new “Partners for Multilateralism” coalition focused on international law, peace and practical action. EU single-market access: Brussels warned EEA partners Iceland, Norway and Liechtenstein to clear a growing backlog of EU laws, stressing it’s a legal and political obligation, not a technical delay. EU industrial policy: The EU’s “Made in Europe” procurement push is drawing backlash as protectionism in disguise, with the UK warning it could hurt its car industry if excluded. Swiss business & markets: Geely officially entered Switzerland with three NEV models in Zurich via Emil Frey, signaling deeper expansion into the Swiss and Liechtenstein market. Finance & banking: Luxembourg’s BIL is reportedly up for sale as Legend Holdings explores selling its ~90% stake, with Zurich-based BIL Suisse in the spotlight. Labour mobility: Germany clarified visa rules for IT jobs, noting Liechtenstein, Norway and Switzerland citizens can work without extra entry visas. Healthcare: EU regulators moved closer to approving Merck’s Keytruda plus Padcev perioperative regimen for muscle-invasive bladder cancer, with a final EU decision expected later in 2026.