Switzerland and UK kick off negotiations to bolster trade deal

On Monday in Bern, Switzerland and Great Britain gave the go-ahead for negotiations on the further development of the existing bilateral trade agreement. The first round of negotiations will take place in London in May.

Business Secretary Guy Parmelin met UK Trade Secretary Kemi Badenoch in Bern today, Monday. With the meeting, they launch negotiations on the further development of the bilateral trade agreement. The two also talked about further possibilities for cooperation.

At a brief media appearance in Bern, Badenoch spoke of great opportunities in the event of an improved agreement. WBF head Guy Parmelin said hopefully the negotiations could be concluded soon.

Currently, trade relations between Switzerland and Great Britain are regulated in the 2019 bilateral trade agreement. According to the WBF, this secures the mutual rights and obligations that connected the two countries before Brexit.

The existing contractual relationship is now to be adapted to current needs and further developed in the direction of a trade agreement that is as comprehensive as possible.

The United Kingdom is one of Switzerland’s ten most important partners in goods trading. The bilateral goods trade volume was around 13 billion francs in 2022. If the precious metal trade is taken into account, the volume is CHF 20.6 billion.

When it comes to services, the UK is Switzerland’s third most important trading partner with a volume of around CHF 23 billion.

The last agreement between Switzerland and Great Britain is only two years old. Now, however, the existing rules are to be adapted to the new relationship after Brexit. During the negotiations, the handling of the recognition of educational qualifications and the financial markets should be clarified. The abolition of tariffs will also be discussed.