The UK and Switzerland have begun work on an enhanced trade deal that aims to boost two-way trade between two of the world’s biggest services economies.
The Prime Minister, Boris Johnson, recently completed talks with Swiss President, Ignazio Cassis, ahead of a newly launched eight-week consultation on a potential UK-Swiss free trade agreement.
This consultation is seeking the views of UK businesses and the public, which will help to shape negotiating objectives for further talks in future.
Currently, Switzerland and the UK enjoy bilateral trade worth nearly £35 billion each year, with many UK businesses already benefitting from tariff-free trade on most goods.
However, the current trade arrangements between these two nations, which were rolled over from the UK’s former membership of the EU, do not cover the service sector – despite this accounting for more than half of the trade between the two nations.
As part of any future deal, the UK and Switzerland hope 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”.
Speaking at the launch of the new consultation, International Trade Secretary Anne-Marie Trevelyan, said: “A new enhanced trade agreement with Switzerland is a huge opportunity to liberalise trade with our 10th largest trading partner and unlock new opportunities for our world-leading services sector.
“As two services superpowers, we have a huge opportunity to negotiate a modern, ambitious, unprecedented deal that will boost both our economies and show the world what is possible between two like-minded and innovative nations who are firmly within Europe but outside of the EU.
“In 2020, the United Kingdom was the second-largest exporter of services to the world, with exports worth £266.8 billion. Switzerland was the 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.”
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