AGP Executive Report

Pharma & Health: The European Commission granted marketing authorisation under exceptional circumstances for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy (cALD), the first pharmacological treatment approved in the EU, with first launch expected in Germany by year-end. Biotech Pipeline: EMA CHMP issued a positive opinion for perioperative pembrolizumab plus enfortumab vedotin for resectable muscle-invasive bladder cancer, now moving to an EC decision for EU, Iceland, Liechtenstein and Norway. Trade & Tariffs: The U.S. Department of Commerce clarified specialty pharmaceutical exemptions from Section 232 tariffs ahead of the Sept. 29 deadline, stressing that eligibility is not automatic and requires product-level requests. Industry Policy: EU “Made in Europe” procurement rules are drawing fresh criticism as protectionism via local-content and low-carbon requirements, with UK concerns about car-industry impact. Liechtenstein in the Market: Russia extended its Western food import ban through 2028, explicitly listing Liechtenstein among affected origins. Automotive: Chinese automakers kept gaining ground in Europe, with registrations rising across the EU plus Iceland, Liechtenstein and Norway. Finance Tech: Ondo launched tokenised “Intelligent Portfolios” using BlackRock strategies, aiming to make model portfolios transferable onchain. Space & Research: CSA (Switzerland and Liechtenstein) is building a pathway to move experiments from ground testing and parabolic flights to ISS microgravity research, with access opportunities via Starlab.

EU pharma & rare disease access: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy (cALD), with first launches expected in Germany by year-end, expanding treatment options across the EU including Liechtenstein. Biotech commercialization watch: Neuren Pharmaceuticals is moving from European approval toward first commercial sales for its Rett syndrome treatment Daybu (trofinetide), with Liechtenstein and other EEA states included in the authorisation. Onchain finance: Ondo Finance launched Ondo Intelligent Portfolios, tokenised model portfolios “powered by BlackRock” that let investors mint/redeem a single onchain token for diversified exposure. Automotive market signals for the region: Chinese automakers kept gaining share in Europe in August, with BYD registrations more than doubling across the EU plus Iceland, Liechtenstein, Norway and Switzerland. Trade & industry policy: The EU’s “Made in EU”/Industrial Accelerator Act proposal is drawing criticism as protectionism via public procurement rules, while the Commission also imposed provisional safeguards on grain-oriented electrical steel and transformer components. Liechtenstein-linked customs impact: Russia extended its Western food import ban through 2028, explicitly including Liechtenstein among affected origins. Local business/industry note: Geely entered the Swiss market with three energy models, with Emil Frey also positioned as importer for Switzerland and Liechtenstein.

Russia–Food Trade: Russia extended its ban on imports of a wide range of Western agricultural and food products (including fruit and vegetables) through Dec. 31, 2028, covering origins from the EU, UK, U.S., Canada, Australia, New Zealand, Norway and Liechtenstein, with the new period running Jan. 1, 2027 to Dec. 31, 2028. EU Industrial Policy: The EU’s proposed “Made in EU”/Industrial Accelerator approach would steer public procurement toward local-content and low-carbon requirements across strategic sectors like steel, EVs, batteries, solar and wind—sparking concerns it could function as protectionism. Liechtenstein Cross-Border Angle: Germany clarified that EU, plus Liechtenstein, Norway and Switzerland citizens can work in IT roles without additional visa/residence steps. Swiss/Liechtenstein Business Links: Geely officially entered the Swiss market with three new energy models and named Emil Frey as importer for Switzerland and Liechtenstein. Energy Supply Chain: The European Commission imposed provisional safeguards on grain-oriented electrical steel and transformer components, effective Sept. 25, using quotas and price thresholds. Healthcare (EU-wide): The EC granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, with EU launch expected in Germany by year-end.

Customs & Agriculture: Qatar’s customs authority clarified that higher poultry and vegetable tariffs apply only to imports from countries not covered by preferential exemptions, while chilled chicken from listed partners (including Liechtenstein, Switzerland and Iceland) remains exempt. Automotive Trade: Chinese automakers kept accelerating in Europe, with BYD registrations more than doubling across the EU plus UK, Iceland, Liechtenstein, Norway and Switzerland—raising fresh U.S. political pressure as senators urge action to prevent similar gains at home. EU Industrial Policy: The EU’s proposed “Made in EU” public-procurement rules are drawing criticism from Britain as protectionism in disguise, with local-content and low-carbon requirements flagged for sectors including EVs, batteries, solar and wind. Energy Materials: Brussels imposed provisional safeguards on grain-oriented electrical steel and transformer components, with quotas and price thresholds kicking in 25 September. Space & Innovation: Liechtenstein-linked CSA and partners are building a pathway to move experiments from Swiss ground testing and parabolic flights to ISS research via Starlab access. Healthcare Industry: EMA CHMP issued positive opinions for Merck’s KEYTRUDA plus PADCEV perioperative bladder-cancer regimen, with EU decisions expected in Q4 2026.

Automotive Market: Chinese automakers kept accelerating 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, underlining mounting pressure on European brands. Trade & Tariffs: Doha’s customs authority clarified that higher poultry and peak-season vegetable tariffs apply only to imports not covered by preferential exemptions, while chilled chicken from listed countries (including Liechtenstein, Switzerland and others) remains exempt. Industrial Policy: Brussels’ proposed “Made in EU” procurement rules are drawing fresh criticism as protectionism in disguise, with the EU pushing local-content and low-carbon requirements across strategic sectors. Energy Supply Chain: The EU moved to provisional safeguards on grain-oriented electrical steel and transformer components, adding quotas and price thresholds from 25 September. Mobility & Jobs: Germany clarified visa rules for IT specialists, with Liechtenstein, Norway and Switzerland nationals able to work without additional entry visas. Space & Research: Liechtenstein-linked CSA is building a pathway for experiments from Swiss ground testing to the ISS via Starlab, aiming to extend access beyond ISS retirement.

EU Industrial Policy Clash: Brussels’ proposed “Made in EU” procurement rules would push local-content and low-carbon requirements across strategic sectors like steel, batteries, solar and EVs—prompting warnings from the UK that it could function as protectionism. Trade & Tariffs Watch: The EU also moved to extend safeguards across the electrical steel supply chain, adding grain-oriented electrical steel and transformer components with quotas and price thresholds from 25 September. Energy Supply Chain: South Korean solar shares jumped after analysts said US restrictions on Chinese solar products are unlikely to ease, with polysilicon treated as strategically important. Local Industry Link: Geely entered the Swiss market with three NEV models, with Emil Frey named as official importer for Switzerland and Liechtenstein. Cross-Border Mobility: Germany clarified visa rules for IT specialists, noting EU access and exemptions that include Liechtenstein, Norway and Switzerland. Finance & Infrastructure: Sygnum’s CEO update highlights regulated tokenisation and digital-asset banking expansion, including MiCAR coverage in Liechtenstein. Aviation & Space: Switzerland and Liechtenstein’s CSA is building a pathway to fly experiments from ground testing to ISS research via Starlab access.

EU Industrial Policy Clash: The EU’s proposed “Made in EU” rules would steer public procurement toward local-content and low-carbon products across strategic sectors like solar, batteries, steel and EVs—sparking fresh warnings from Britain that it looks like protectionism and could raise costs and trade tensions. Liechtenstein-Linked Mobility & Talent: Germany clarified that nationals of Liechtenstein (along with EU states, Norway and Switzerland) can work in Germany without extra visa steps for IT specialist roles, easing cross-border hiring for tech firms. Swiss Market Push for EVs: Geely officially entered Switzerland on Sept 21 with three new energy models (E5, E2 and STARRAY EM-i), using Emil Frey as importer for Switzerland and Liechtenstein. Trade & Industry Pressure Points: EU safeguards on grain-oriented electrical steel expand downstream to transformer components, with provisional measures starting Sept 25. Space for Industry R&D: CSA and Starlab are building a pathway to move Swiss/Liechtenstein experiments from ground tests to ISS microgravity access. Healthcare Approvals: EMA CHMP issued positive opinions for new cancer and metabolic therapies, including Merck’s KEYTRUDA plus PADCEV perioperative bladder cancer regimen, now awaiting EU Commission decisions.

EU Industrial Policy: The EU’s proposed “Made-in-EU” rules tie public procurement to local content and low-carbon standards, aiming to protect strategic sectors like EVs, batteries, solar and hydrogen—while Britain warns exclusion could hit its car industry. Automotive Expansion: Geely has entered the Swiss market via Emil Frey, debuting three NEV models in Zurich (E5, E2, STARRAY EM-i), with Liechtenstein flagged as a natural next step. Work Mobility Rules: Germany clarified visa and residence requirements for foreign IT specialists, noting EU citizens—and Liechtenstein, Norway and Switzerland—can work without extra entry visas. Trade & Industry Safeguards: The EU imposed provisional safeguards on grain-oriented electrical steel and transformer components, with tariff-rate quotas and price thresholds starting 25 September. Digital Banking in the Region: Crédit Agricole next bank became Switzerland’s first live user of Avaloq’s new mobile banking app, expanding secure self-service and faster feature rollouts. Health Approvals: EMA CHMP issued positive opinions for Merck’s KEYTRUDA plus PADCEV perioperative bladder cancer treatment, with a final EU decision expected in Q4 2026. Space & Research Access: CSA and Starlab are building a pathway for experiments from Swiss ground testing to ISS microgravity, with selected projects gaining free ISS access.

Automotive & Energy Expansion: Geely officially entered the Swiss market on Sept 21, launching three new energy models in Zurich—BEV E5 and E2, plus the PHEV STARRAY EM-i—via Emil Frey as official importer for Switzerland and Liechtenstein. EU Trade & Industry Protection: The European Commission imposed provisional safeguards on grain-oriented electrical steel and downstream transformer components, with measures starting Sept 25 and minimum price thresholds plus tariff-rate quotas. Tech Talent Rules: Germany clarified visa requirements for IT specialist roles, confirming Liechtenstein citizens can work without an entry visa or residence authorisation. Finance & Banking M&A Watch: Legend Holdings is reportedly exploring a sale of its ~90% stake in Luxembourg’s BIL, with Zurich-based BIL Suisse likely in bidders’ focus. Healthcare Regulation: EMA CHMP issued positive opinions for Merck’s KEYTRUDA plus PADCEV perioperative bladder cancer treatment and for Zealand Pharma’s Zeydovio for short bowel syndrome, with decisions pending at the European Commission. Digital Banking Rollout: Crédit Agricole next bank became Switzerland’s first live user of Avaloq’s new mobile banking app, expanding secure self-service for payments and investments. Food Supply Shock: Russia extended its ban on Western food imports through end-2028, including products from the EU and Liechtenstein. Space Research Pathway: CSA and Starlab are building a route for Swiss and Liechtenstein experiments from ground testing to ISS access, with microgravity campaigns at Dübendorf.

EU safeguards for grid supply chains: The European Commission has imposed provisional safeguards on grain-oriented electrical steel and downstream transformer components, extending protection from sheet into laminations, cores and finished transformer parts, with measures starting 25 September and using tariff-rate quotas plus minimum price thresholds. Cross-border tech access: Germany clarified work-visa rules for IT specialists, noting Liechtenstein (along with EU states, Norway and Switzerland) can access German tech jobs without an entry visa or residence authorisation, while others need permits first. Drone tariffs and industrial sourcing: New drone and drone-component tariffs aim to reduce reliance on Chinese hardware and strengthen domestic production, with higher rates for heavier or capability-linked drones and a lower rate for imports from EU/EFTA states including Liechtenstein. Space research pathway in Switzerland/Liechtenstein: The Center for Space and Aviation Switzerland and Liechtenstein is building a route for experiments from ground tests and parabolic flights to the ISS, with selected opportunities and plans to extend toward Starlab’s commercial station. Digital banking rollout: Crédit Agricole next bank became Switzerland’s first bank to go live with Avaloq’s new mobile banking app, expanding secure self-service for payments and investments. Food trade pressure: Russia extended its ban on Western food imports through end-2028, explicitly including Liechtenstein among affected countries. Medicines for Liechtenstein market access: CHMP issued positive opinions for Merck’s KEYTRUDA plus PADCEV perioperative bladder cancer therapy and for Zealand Pharma’s glepaglutide (Zeydovio) for short bowel syndrome, with EU decisions expected later in 2026. EU-Canada “associate member” debate: The EU floated a first-ever “associate member” status for Canada, but the concept has no treaty basis yet—raising legal and practical questions for future cooperation.

EU Trade & Industry: The European Commission has imposed provisional safeguards on imports of grain-oriented electrical steel and downstream transformer components, extending protection from sheet material into laminations, transformer cores, and cores already inside finished transformers; measures use tariff-rate quotas plus price thresholds and start 25 September. Liechtenstein-Linked Diplomacy: India’s External Affairs Minister S. Jaishankar arrived in Zurich en route to UNGA, with the Indian Embassy in Switzerland and Liechtenstein noting briefings on India–Switzerland–Liechtenstein ties. Energy & Manufacturing: A new U.S. Section 232 action sets minimum import prices and a 15% tariff on covered polysilicon derivatives, with Switzerland and Liechtenstein mentioned among partners receiving capped treatment. Health & Pharma: EMA CHMP issued positive opinions for Merck’s KEYTRUDA plus PADCEV perioperative regimen in muscle-invasive bladder cancer, with a decision expected in Q4 2026; CHMP also backed Zealand Pharma’s Zeydovio (glepaglutide) for short bowel syndrome. Space & Research: CSA and Starlab are building a pathway for experiments from Swiss ground testing and parabolic flights to ISS access, with plans to extend toward Starlab’s commercial station. Digital Finance: CA next bank became Switzerland’s first bank to go live with Avaloq’s new mobile banking app, expanding secure self-service for payments and investments. Food Supply Chains: Russia extended its ban on Western food imports through end-2028, explicitly including products from Canada and Liechtenstein.

EU-Canada Dealmaking: European Commission President Ursula von der Leyen floated the idea of Canada becoming the EU’s first “associate member,” with talks framed as an “alliance for the future” covering defence, intelligent manufacturing, tech, energy, critical minerals and the Arctic—though there’s no treaty category for it yet and details are still undefined. Liechtenstein in the Crosshairs of Trade: Russia extended its ban on imports of Western food products through end-2028, explicitly including Liechtenstein among affected countries, covering meat, seafood, dairy, fruits and vegetables. Pharma Approvals for Liechtenstein Markets: The EU’s CHMP backed Merck’s KEYTRUDA (pembrolizumab) plus Padcev (enfortumab vedotin) as perioperative treatment for resectable muscle-invasive bladder cancer, with a final European Commission decision expected in Q4 2026 and coverage including Liechtenstein. Solar Supply Chain Costs: A new U.S. Section 232 move sets minimum import prices and new tariffs on polysilicon and downstream solar products, with Switzerland and Liechtenstein listed among countries receiving capped treatment. Space & Research Access: Liechtenstein-linked CSA and Starlab are building a pathway for experiments to reach microgravity on the ISS, with selected projects gaining free ISS access. Digital Banking Upgrade: CA next bank became Switzerland’s first live user of Avaloq’s new mobile banking app, expanding secure self-service for payments and investments.

EU-Canada “Associate Member” Push: European Commission President Ursula von der Leyen floated a new “associate member” status for Canada, with talks framed as an “alliance for the future” covering defence, intelligent manufacturing, energy, critical minerals, AI and the Arctic—though the term has no clear legal precedent in EU treaties and details are still undefined. Russia Food Embargo Extended: Vladimir Putin signed a decree extending Russia’s ban on imports of Western food products (including meat, seafood, dairy, fruits and vegetables) through end-2028, covering countries that include Liechtenstein. Solar Tariffs Update: A Section 232 move set new minimum import prices and a 15% tariff on certain polysilicon derivatives, with Switzerland and Liechtenstein among partners facing capped rates. Bladder Cancer Treatment Advances: Merck’s KEYTRUDA plus Padcev received a positive CHMP opinion for perioperative use in resectable muscle-invasive bladder cancer, with a final EU decision expected in Q4 2026 for EU states plus Iceland, Liechtenstein and Norway. Space Research Pathway: Liechtenstein-linked CSA and Starlab are building a route for experiments from Swiss ground testing to ISS access, with plans to extend toward Starlab’s commercial station. Digital Banking in Liechtenstein Region: Switzerland’s CA next bank went live with Avaloq’s new mobile banking app, aiming to expand secure self-service and speed feature rollouts—relevant for regional fintech and financial services modernization.

Bladder Cancer Drug Approval: Merck’s KEYTRUDA (pembrolizumab) plus PADCEV (enfortumab vedotin) won a positive CHMP opinion for perioperative treatment of resectable muscle-invasive bladder cancer, with a European Commission decision expected in Q4 2026; the recommendation also covers a subcutaneous KEYTRUDA formulation for EU, Iceland, Liechtenstein and Norway. EU–Canada Industrial Partnership: Ursula von der Leyen floated Canada as the EU’s first “associate member,” but the term has no clear treaty basis yet—talks point to deeper cooperation in intelligent manufacturing, tech, defence industry integration, energy, critical minerals and the Arctic, with Canada stressing it is not seeking full membership. Solar Supply Chain Costs: The US Section 232 action sets new minimum import prices and a 15% tariff on certain polysilicon derivatives, with Liechtenstein and Switzerland facing capped tariff treatment—raising the stakes for European solar equipment pricing from Dec 2026. Space Research Access: The Center for Space and Aviation Switzerland and Liechtenstein is building a pathway to move experiments from ground testing to the ISS via Starlab and ISS access opportunities, linking Dübendorf and Zurich innovation infrastructure. Digital Banking in Liechtenstein’s Region: Crédit Agricole next bank went live in Switzerland with Avaloq’s new mobile banking app, using a SaaS model to expand payment and investment self-service—relevant for regional fintech and regulated finance operators.

EU-Canada “Associate Membership” Push: European Commission President Ursula von der Leyen invited Canada to become the EU’s first “associate member,” but the status has no treaty basis and details are still undefined; Canadian PM Mark Carney welcomed the offer and framed it as an “alliance for the future,” with talks expected to take years and likely focus on areas like energy, manufacturing, tech, defense, Arctic work, and critical minerals. Solar Trade Tariffs: The U.S. Section 232 action adds minimum import prices on polysilicon and a 15% tariff on certain downstream solar products, effective Dec. 4, 2026, with Liechtenstein (via tariff caps) potentially affected. Bladder Cancer Treatment Review: The EU CHMP issued a positive opinion for Merck’s KEYTRUDA plus Padcev perioperative regimen for resectable muscle-invasive bladder cancer, with an EC decision expected in Q4 2026 and coverage including Liechtenstein. Space Research Pathway: Liechtenstein-linked CSA and Starlab are building a route from Swiss ground testing to ISS microgravity access, with plans to extend toward Starlab’s commercial station. Digital Banking in Liechtenstein Region: CA next bank in Switzerland went live with Avaloq’s new mobile banking app, signaling faster rollout of secure self-service features across the Swiss/Liechtenstein market. Google Shopping DMA Impact: Google removed product carousels from Shopping search results across the EEA (including Liechtenstein), cutting visibility for online retailers sharply.

Solar Supply Chains: The U.S. Section 232 case on polysilicon is tightening again, with new minimum import prices and a 15% tariff on covered downstream solar products (wafers, cells, modules) set to start Dec. 4, 2026—Liechtenstein-linked trade may face higher costs depending on tariff caps. Healthcare & Biotech: The EU’s CHMP backed Merck’s perioperative KEYTRUDA plus Padcev for resectable muscle-invasive bladder cancer, with a final European Commission decision expected in Q4 2026; separately, Zealand Pharma won a positive CHMP opinion for Zeydovio (glepaglutide) for short bowel syndrome, a major Europe advance after more than a decade. EU–Canada Industrial Policy: EU Commission President Ursula von der Leyen proposed Canada as the bloc’s first “associate member,” a process still undefined in law but aimed at deeper cooperation in manufacturing, tech, defense industry, energy and critical minerals—Liechtenstein’s EEA position makes the debate especially relevant for regional market access. Digital Finance in the Region: Switzerland’s CA next bank went live with Avaloq’s new mobile banking app, using a SaaS model to expand payments and investment self-service—Avaloq also operates in Liechtenstein, keeping regional fintech momentum in view. Food Trade Pressure: Russia extended its Western fruit and vegetable import ban through Dec. 31, 2028, including products from Canada and Liechtenstein, adding another headwind for agricultural exporters. Patent Clash: Oxford Nanopore secured a Unified Patent Court injunction blocking MGI Tech’s CycloneSEQ sequencing systems across multiple European markets, including Liechtenstein.