Switzerland–United Kingdom Free Trade Agreement Explained

Switzerland–United Kingdom Free Trade Agreement
Type:Free trade agreement
Context:Updating trade agreement between Switzerland and the United Kingdom
Negotiators:
Parties:

The Switzerland–United Kingdom free trade agreement (SUKFTA) is a proposed free trade agreement which began negotiations on 15 May 2023.[1] The trade agreement would be the third FTA to cover Switzerland–UK trade, superseding the Switzerland–UK Trade Continuity Agreement, updating the deal to cover services and digital trade.[2] Trade value between Switzerland and the United Kingdom was worth £53,551 million in 2022.[3]

History

From 1 January 1973 until 30 December 2020, trade between Switzerland and the UK was governed by the Switzerland–European Union trade agreements, while the United Kingdom was a member of the European Union.[4] Following the withdrawal of the United Kingdom from the European Union, the UK and Switzerland signed a continuity trade agreement on 11 February 2019, based on the EU trade agreements; the agreement entered into force on 3 May 2021.[5] [6]

Negotiations

Trade negotiations formally opened on 15 May 2023.[1] [2]

SUKFTA Round of Negotiations
Round Dates Location Ref.
1 22 May–2 June 2023 [7]
2 18 September–6 October 2023 Virtual meeting
3 27 November–14 December 2023 Virtual meeting
4 4–8 March 2024

Both sides refused to give a deadline for the conclusion of negotiations; the new agreement that reduces barriers to trade between the two services “superpowers” in areas like finance, legal and professional services, and architecture.[8] The second round of negotiations took place from 18 September to 6 October 2023.[9]

The third round of negotiations took place from 27 November to 14 December. Officials held technical discussions on areas such as procurement, investment, small-medium enterprises, sanitary and phytosanitary measures and animal welfare. The UK is also working with the Swiss to provide long-term certainty and greater market access for UK-Swiss service suppliers, claiming to boost bilateral trade in this area by £23.7 billion.[10]

The fourth round of negotiations took place from 4 to 8 March 2024 in Bern.[11]

See also

Notes and References

  1. News: 15 May 2023. UK - Switzerland Joint Statement: May 2023. GOV.UK. 17 March 2024. https://web.archive.org/web/20230515174859/https://www.gov.uk/government/news/uk-switzerland-joint-statement-may-2023. 15 May 2023. live.
  2. News: 14 May 2023. UK targets services boost as Swiss trade talks begin. Reuters. 17 March 2024. https://web.archive.org/web/20230515121129/https://www.reuters.com/world/europe/uk-targets-services-boost-swiss-trade-talks-begin-2023-05-14/. 15 May 2023. live.
  3. Web site: UK trade agreements in effect. 9 February 2024. 3 November 2022. GOV.UK. https://web.archive.org/web/20240117122720/https://www.gov.uk/guidance/uk-trade-agreements-in-effect. 17 January 2024.
  4. Web site: EU - Switzerland - Liechtenstein. World Trade Organization. 16 March 2024.
  5. Web site: UK and Switzerland sign trade continuity agreement. Fox. Liam. 11 February 2019. GOV.UK. 16 March 2024. https://web.archive.org/web/20190211235445/https://www.gov.uk/government/news/uk-and-switzerland-sign-trade-continuity-agreement. 11 February 2019. live. UK–Switzerland FTA
  6. Web site: UK signs biggest trade deal since Brexit vote with Switzerland. 11 February 2019. Financial Times. 16 March 2024. subscription. https://web.archive.org/web/20190212054904/https://www.ft.com/content/2341f6e8-2dd5-11e9-ba00-0251022932c8. 12 February 2019. live.
  7. Web site: Negotiations on an enhanced UK-Switzerland Free Trade Agreement: Update. GOV.UK. 8 June 2023. 8 April 2024. https://web.archive.org/web/20230608154256/https://www.gov.uk/government/news/negotiations-on-an-enhanced-uk-switzerland-free-trade-agreement-update. 8 June 2023. live.
  8. Web site: UK Kicks Off Trade Talks With Switzerland to Boost Services. Bloomberg. 17 March 2024. subscription. https://web.archive.org/web/20230515011238/https://www.bloomberg.com/news/articles/2023-05-14/uk-s-kemi-badenoch-flies-to-switzerland-to-start-negotiations-for-new-trade-deal. 15 May 2023. live.
  9. Web site: Negotiations on an enhanced UK-Switzerland Free Trade Agreement: Update October 2023. GOV.UK. 17 March 2024. https://web.archive.org/web/20231017194309/https://www.gov.uk/government/news/negotiations-on-an-enhanced-uk-switzerland-free-trade-agreement-update-october-2023. 17 October 2023. live.
  10. News: 14 December 2023. 14 December 2023. Enhanced UK-Switzerland FTA negotiations: Update December 2023. GOV.UK. https://web.archive.org/web/20231214164522/https://www.gov.uk/government/news/enhanced-uk-switzerland-fta-negotiations-update-december-2023. 14 December 2023. live.
  11. News: 21 March 2024. 21 March 2024. Enhanced UK-Switzerland FTA negotiations: Update March 2024. GOV.UK. https://web.archive.org/web/20240321115546/https://www.gov.uk/government/news/enhanced-uk-switzerland-fta-negotiations-update-march-2024. 21 March 2024. live.

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