Not just franc. U.S.-Europe TTIP is likely to add more pain for Switzerland

The Transatlantic Trade and Investment Partnership to be concluded between the European Union and the U.S. is aimed to lower tariffs and expand common standards and regulations.

It would spur business between the two giants, possibly at the expense of Switzerland. 

Two-thirds of Switzerland's total trade account for U.S. and the EU.

"There is a fear we're going to be locked out and some of our companies discriminated," said Livia Leu, head of the bilateral economic relations division at Swiss State Secretary of Economic Affairs.

"Switzerland is in need of open markets," Leu said adding that the country is in the process of negotiating trade agreements with emerging economies in Latin America and Asia, including Malaysia, Philippines and Vietnam.

There is another point of view, however. Some Swiss businesses believe that the U.S.-EU trade agreement could become an opportunity for the country, which is on the brink of its first recession since the financial crisis as the strong franc takes its toll on exports.

Meanwhile, according to a research conducted by University of Bern and World Trade Institute, in the worst scenario, not being part of a TTIP could result in 0.5 percent of gross domestic product being trimmed.

On the other hand, a deal that includes EFTA countries among TTIP's signatories could add 2.9 percent to GDP, the study shows.

The worst scenario could increase the burden on Switzerland's contracting economy, said  CEO Martin Senn at Zurich Insurance Group AG.

"Without any doubt, it would accelerate a relatively low and downwards trend of economic activity," Senn told representatives of Swiss and American companies near Zurich on Monday. 

U.S. lead negotiator Dan Mullaney at the 9th round of negotiations in New York

At the 10th round of TTIP negotiations set to take place in Brussels from 13 to 17th July 2015, the U.S. will be looking at solutions for Switzerland, says Suzan LeVine, the U.S. ambassador to Switzerland and Liechtenstein, as taking account of Switzerland "is in the very best interest of the U.S."

But signing a deal will require an approval of the Parliament, which could be difficult, as analysts expect massive opposition from lawmakers.

However, there is no other way to join the pact.