Swiss voters overwhelmingly rejected a proposal to ban exports of weapons and other war materials in a referendum held on Sunday.

Official results show 68.2 percent of voters against the initiative and 31.5 percent for with a turnout rate of 53 percent, the official Swissinfo.ch news website reported.

The proposal was launched by a broad coalition of peace groups and centre-left political parties.

However, the government and a majority in parliament recommended a no vote, saying approval would cost thousands of jobs and jeopardize the country’s defense capacity.

It is the third time since 1972 that a similar proposal has been rejected by Swiss voters.

Last year Swiss weapons exports stood at a record 722 million Swiss francs (about 716 million U.S. dollars) to more than 70 countries, but sales dropped nearly 5 percent in the first half of this year, according to the report.