Content of agreements The essential element of each agreement is trade in goods (including tariff reductions and other trade restrictions). They regulate trade in industrial products (SH chapters 25-97), fish and processed agricultural products. Trade in unprocessed agricultural products is generally governed by separate bilateral agricultural agreements. See the list of minimum transactions in Article 7 of the Origin Protocol in the text of the UK-Switzerland trade agreement. Switzerland concludes most of its free trade agreements under the European Free Trade Association (EFTA). Outside the EFTA framework, Switzerland has free trade agreements with the EU, China and Japan. The United States of America is Switzerland`s second largest export market. The United States and Switzerland established diplomatic relations after Switzerland became a unitary state in 1853. An agreement reached by the United States and Switzerland is the U.S. Swiss Joint Economic Commission, which covers topics such as money laundering, counter-terrorism, intellectual property rights and regulatory cooperation. There is also an agreement in which the two countries assess areas where the other government could improve trade flows and investment.
 The United States and Switzerland signed three new agreements in 2006 that strengthened economic cooperation between the two countries. The three new agreements form the framework for enhanced political cooperation, the Trade and Investment Cooperation Forum and the Operational Labour Convention on Counter-Terrorism Cooperation. In 2008, the United States and Switzerland signed a joint declaration on e-commerce demonstrating their mutual commitment to promoting e-commerce on the prairies. Switzerland uses the harmonized system to guide its trade policy, which was first implemented in 1988. An eight-digit customs position of the harmonized system is required for each product that must be imported or exported.  These bilateral agreements between the EU and Switzerland are currently managed by some 20 joint committees. In addition to trade in goods, the new agreements often address other aspects, including the protection of intellectual property rights, trade in services, investment, public procurement and technical regulations. These are so-called “second generation agreements.”