The UK has started work for a new enhanced trade deal with Switzerland following talks between Prime Minister Boris Johnson and Swiss President Ignazio Cassis
The UK has today (28 April 2022) kickstarted work for a new enhanced trade deal with Switzerland, after Prime Minister Boris Johnson hosted Swiss President Ignazio Cassis for bilateral talks in London.
The enhanced deal aims to boost two-way trade between two of the world’s biggest services superpowers through measures including breaking down barriers and opening up access for U.K. firms to the Swiss market.
The Department for International Trade is launching an eight-week consultation calling on businesses and the public for their views ahead of the start of negotiations.
Switzerland is already an important partner for the UK, with bilateral trade worth nearly £35 billion annually. Many UK businesses benefit from tariff free trade on most goods under our existing trade agreement rolled over from the EU, but the current deal does not cover services, which account for over half of our bilateral relationship.
As two services powerhouses globally renowned for their expertise, both the UK and Switzerland are keen to negotiate an ambitious, unprecedented free trade agreement that will boost both our economies and show the world what is possible between two like-minded and innovative democracies.
International Trade Secretary Anne-Marie Trevelyan said:
In 2020, the United Kingdom was the second-largest exporter of services to the world, with exports worth £266.8 billion. Switzerland was 12th largest, with £89.6 billion.
This deal will help take our relationship to the next level in industries of the future such as digital trade, innovative services, and green growth - delivering higher-paying jobs across the country. It will support trade in vital industries of the UK economy, including finance, legal services, consultancy, the tech sector, and the creative industries, helping contribute to setting new rules and standards for digital trade in the 21st century.
CBI President Lord Bilimoria said:
Managing Director, International Trade and Investment, TheCityUK Nicola Watkinson said:
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