European Union and Switzerland "very close" to new trade deal, official says

BERN (Reuters) - The European Union and Switzerland are "very close" to finalising a new agreement to overhaul their trade relationship, a senior EU official said on Thursday.

Bern and Brussels have been negotiating since March to craft a deal aimed at deepening their economic ties and hope to conclude the process by the end this year.

"We are very close to the finish line," the EU ambassador to Switzerland, Petros Mavromichalis, said at an event in Bern.

Mavromichalis said final details were still being worked out and anticipated the process of ratifying the accord would be a significant undertaking once agreement was reached.

Diplomats in Switzerland say a deal could be announced by the end of next week if talks go to plan.

The EU is by far Switzerland's biggest trade partner, while the Alpine country is the bloc's fourth largest export market.

(Reporting by Dave Graham, editing by John Revill)