Well there's anyway going to be a referendum about the bilateral. (which is why I find the initiative somewhat stupid, you can vote on the real deal in a few years, about whether people want or do not want to have agreements with the EU, instead of hiding it behind a fake/emotional reason)
The new initiative is basically the same, but with no leeway to ignore it.
(that said I suspect if it passes, there will be something tied to the bilateral referendum in 2027/28 to try to supersede it)