The UK and Switzerland are taking up talks again about how both countries’ financial industries can benefit from an updated free trade agreement.
British Trade Minister Kemi Badenoch is flying to Bern to promote the exchange of financial services and other goods, as «Reuters» reported Monday. Badenoch will meet with Federal Councillor Guy Parmelin to negotiate additional terms of both countries’ free trade agreement.
The existing agreement dates back to when Britain was still a member of the European Union. The first round of official talks will begin on May 22.
Speaking to finews.com recently, the British ambassador to Switzerland, James Squire, said that both countries were aiming for a «truly ambitious agreement without a comparable precedent to an ambitious timetable.»
Mutual benefits
Reworking the UK and Switzerland's trade relations would strengthen businesses in sectors including finance and law, accounting and architecture, in both countries, Badenoch said.
The current agreement does not cover services or digital trade, areas the UK considers itself a leader, thanks to its well-developed financial sector and internationally recognized legal system.
Trading Partner
The UK also wants to make crossing country borders for business travelers with a British passport easier. It also aims to increase investment in the private sector and eliminate Swiss tariffs on British goods such as red meat, baked goods, and chocolate.
Trade between the two countries amounts to nearly £53 billion ($66 billion) a year, making Switzerland Britain's tenth-largest trading partner, according to the British government.
