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On Monday, October 14th, the UK will begin negotiations on an enhanced and upgraded Free Trade Agreement (FTA) with Switzerland. Switzerland is the UK's 10th largest trading partner and 7th largest export market, with total trade between the two countries valued at £51 billion in 2023. These talks, the first to occur under the current Government, will offer an opportunity to strengthen the trading relationship further, boost economic growth, and create jobs across the UK.
The UK and Switzerland, service-based economies, see services trade accounting for nearly £30 billion of their total trade, despite their current agreement focusing mainly on goods. An upgraded Free Trade Agreement (FTA) could support jobs across the UK, including 120,000 services jobs linked to Swiss trade, and offer long-term certainty for UK firms regarding travel arrangements. Recent developments, such as Nestlé Purina's £150 million investment in its Cambridgeshire factory, highlight growing investment. As the UK prepares for the International Investment Summit in London, the new FTA is expected to include commitments on services and investment, boosting market access for businesses in both countries.
The current UK-Switzerland trade deal is primarily based on an EU-Swiss agreement in 1972 and does not address digital trade or data flows. However, in 2021, 80% of UK services exported to Switzerland were delivered digitally. Monday marks the first round of UK-Switzerland negotiations since the Business and Trade Secretary announced plans to pursue an ambitious Free Trade Agreement (FTA) programme in July. The UK recently resumed talks with the Gulf Cooperation Council (GCC) and is working with other FTA partners to expedite negotiations.
Read the full press release here
If you are interested in exploring this topic further, you might find it worthwhile to consider the training courses and live clinics offered by Strong & Herd LLP:
Focus On: Understanding Free Trade Agreements
With the UK developing new independent trade arrangements both to encourage the export and import of goods and services from affiliated markets, this session is a must. Some knowledge of customs regulations is recommended or attendance on courses introducing this topic. This course looks at the structure of new and old UK international trade agreements, the key rules of origin and how to understand the whole agreement covering goods, services and other trade issues.
Understanding Origin & Preference
What is the difference between origin and preferential origin? This interactive workshop explains this by using case studies and exercises to help the learner understand when they are important in both export and import scenarios. It examines the documents and statements used to declare origin and preference and how to verify if your goods meet preference rules across different trade agreements. With HMRC audits increasing, you and the business need to be comfortable with this complex area.
Export Essentials: An Introduction to Exporting
Following on from the Beginners Guide to Exporting / Importing this interactive session covers the key points of exporting goods. It covers essential details about the Incoterms Rules, export documentation and working with freight forwarders to ensure goods are correctly declared. Ideal for anyone whose job has an export connection, whether sales, contracts, finance, shipping or for a managerial overview.
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