Geneva (AFP) – Switzerland and Britain have concluded negotiations on an upgraded free trade agreement, Bern said Monday, stating that the deal would boost legal certainty for businesses in both countries.
Following Britain’s 2016 decision to leave the European Union, London swiftly concluded a trade agreement with Switzerland in 2019 to establish their trade relations as two independent players outside the bloc and to safeguard their mutual rights and obligations. That agreement took effect in 2021, but two years later, the two countries launched negotiations towards a more comprehensive free trade deal.
Those negotiations concluded on Monday during a meeting in Bern between Swiss President Guy Parmelin and Britain’s Trade Secretary Peter Kyle, the Swiss economic affairs ministry said in a statement. “The new agreement goes well beyond maintaining the status quo and places bilateral economic relations on a comprehensive and modern footing,” the statement read. The agreement, it insisted, “safeguards existing preferential arrangements in trade in goods and provides for targeted improvements to market access.”
“At the same time, it expands and modernises the bilateral legal framework, particularly with regard to trade in services, investment, the mobility of service providers, and digital trade.” The deal, which still needs to be signed, “also includes provisions on financial services, telecommunications, public procurement, intellectual property, trade and sustainable development, and small and medium-sized enterprises,” the ministry said, adding that the agreement would strengthen “legal certainty for businesses in both countries.”
Bern maintained that the agreement also sent a clear “geopolitical signal.” “In an environment characterised by increasing fragmentation and uncertainty over trade policy, two major European economic powers outside the European Union are strengthening their strategic partnership and reaffirming their commitment to open markets, reliable rules, and close economic cooperation,” it noted.
The ministry said the two countries aimed to have the agreement signed before the end of the year, followed by the required domestic approval procedures.
© 2024 AFP
