Nov 16 (Reuters) - Switzerland did not make a deal with

the devil by agreeing a new tariff framework with the United

States, Economy Minister Guy Parmelin said on Sunday, rejecting

criticism that it amounted to "surrender" in Donald Trump's

trade war.

The non-binding framework trade agreement, announced on

Friday, promises a lower U.S. import tariff rate of 15% for

Switzerland - down from 39% - in return for $200 billion in

investments by Swiss companies in the U.S.

"We haven't sold our soul to the devil," Parmelin said in an

interview with the Tagesanzeiger newspaper.

The minister said he was "satisfied" with the deal and

argued that Swiss companies had been eyeing more U.S.-based

production even before Trump.

Swiss industrial groups have welcomed the agreement, which

puts companies on an equal footing with those in the EU

following a similar deal between Brussels and Washington.

However, opposition parties have voiced concern over

concessions and questioned the transparency of the negotiations,

in which executives from Swiss companies like watchmaker Rolex

and luxury goods group Richemont also lobbied Washington for

relief.

Switzerland hopes the lower tariff rate will be activated

within days or weeks - but the framework agreement is

non-binding, with further negotiations expected.

A final agreement must go through the Swiss parliament and

could be put to the public in a referendum.

Switzerland's second-biggest party, the Social Democrats,

has cautiously welcomed the deal, but the Greens have called it

a "surrender agreement", saying it puts Trump's interests before

those of Swiss farmers and consumers.

As part of the deal, Switzerland has agreed to reduce Swiss

import duties on a number of U.S. products across agricultural

and industrial sectors.