
Today (October 14th 2024) marked the kickstarting of negotiations between the UK and Switzerland on an enhanced Free Trade Agreement. This is the first time UK and Swiss negotiators have met since the general election and coincides with the UK hosting its International Investment Summit.
The current trade deal is largely based on an EU - Switzerland from 1972 which does not cover digital trade. As such it does not fully support, promote or facilitate modern trade or help the UK to capitalise on the £51bn worth of trade which already takes place between the two countries. For reference, despite the current agreement focussing mainly on the movement of goods, services trade accounts for nearly £30 bn of UK-Swiss trade.
These negotiations are expected to “significantly boost trade in services” and will be the first since Jonathan Reynolds (Business and Trade Secretary) announced his plan to introduce an “ambitious FTA programme”.
We will update more as the negotiations progress!
Comments