July 30, 2019

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UK signs post-Brexit trade deal with Switzerland

International Trade Secretary Liam Fox talks to Swiss Economy Minister Guy ParmelinImage copyright

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International Trade Secretary Liam Fox talks to Swiss Economy Minister Guy Parmelin

The UK and Switzerland have signed a deal to proceed buying and selling after Brexit as they did earlier than it.

The “continuity agreement” – based mostly on the EU’s present free trade deal with Switzerland – was agreed in December however ratified on Monday.

International Trade Secretary Liam Fox stated the deal would “continue the preferential trade that we have”.

The UK is in search of to copy about 40 EU free trade agreements, overlaying greater than 70 nations.

Around £32bn of trade is finished between the UK and Switzerland annually, with 15,000 British exporters buying and selling with the nation.

Mr Fox stated: “Switzerland is without doubt one of the most precious buying and selling companions that we’re in search of continuity for. This is of big financial significance to UK companies.

“Not solely will this assist to help jobs all through the UK however it is going to even be a stable basis for us to construct a good stronger buying and selling relationship with Switzerland as we go away the EU.”

Trade deal ’emergency’

In 2017, Mr Fox stated that the UK might “replicate the 40 free trade agreements earlier than we go away the EU” on 29 March in order that there can be no disruption to trade.

But with 46 days till the UK is ready to depart, such continuity agreements have been signed with solely:

  • Switzerland
  • Chile
  • The Faroe Islands
  • Eastern and Southern Africa

Mutual recognition agreements – the place a product lawfully offered in a single nation may be offered in one other – have additionally been signed with Australia and New Zealand.

The director common of the Confederation of British Industry (CBI), Carolyn Fairbairn, stated the shortage of different trade offers being signed was an “emergency” – significantly within the case of South Korea and Japan.

She instructed Sky News: “The prospect is the day after Brexit, those deals will disappear.”

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