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February 12, 2014 AT 5:58 AM
The Swiss government said on Wednesday it will draw up a draft law to limit immigration by the end of the year, after Swiss voters narrowly backed proposals to curtail the number of migrants from the European Union. Switzerland risks losing its privileged access to the European single market following the successful vote spearheaded by the right-wing Swiss People's Party (SVP) to reintroduce quotas, which has also unsettled businesses. After its first meeting since Sunday's vote result, the coalition government - which opposed the quotas - said it would draw up an implementation plan by the end of June. It also plans to hold exploratory talks with the 28-member EU over the future of the free movement of people and other bilateral agreements.