The Free Trade Agreement negotiations between the UK and Switzerland represent significant opportunities for services companies in both countries. With Switzerland being the UK's 10th largest trade partner, the new deal aims to strengthen the trading relationship between the two services superpowers.
Currently, the existing bilateral FTA, which is based on an existing EU-Switzerland deal from over 50 years ago, does not cover services, investment, digital, or data. As the majority of the UK's services exports to Switzerland are delivered electronically, there is an interest in rectifying this in the upcoming negotiations. In these negotiations, the UK government will focus on removing market access barriers, improving regulatory cooperation, and creating a level playing field for UK firms in Switzerland.
The agreement also holds significance for the financial sector, as both the UK and Switzerland are major financial centres in Europe. Strengthening the services trade relationship between the two countries will tackle key issues such as mobility, data flows, and digital trade.
Additionally, the FTA aims to boost investment between the UK and Switzerland. Switzerland is a key investment partner for the UK, and the agreement seeks to facilitate more Swiss investment in UK communities while providing preferential terms for UK investors in Switzerland.
Overall, the UK-Switzerland FTA is expected to bolster the reputation of the UK as a services superpower, enhance trade opportunities, and encourage collaboration in emerging technologies, data innovation, and digital trade.
If members have any questions, please reach out to the techUK International Trade team via email@example.com.