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In 2020, the UK was the second largest exporter of services to the world, valued at £266.8 billion. Switzerland was the 12th largest at £89.6 billion. Now the Department of International Trade is launching an eight-week consultation asking companies and the public to comment.
Switzerland is a key partner for the UK, with almost £35 billion in bilateral trade annually.
Many UK businesses benefit from duty-free trade on most goods under our existing agreement, which has been adopted by the EU. But it doesn’t cover services, which make up more than half of our bilateral relationship.
International Trade Minister Anne-Marie Trevelyan said: “As two service superpowers, we have a great opportunity to negotiate a modern, ambitious and unprecedented deal.
“It will boost both our economies and show the world what is possible between two like-minded and innovative nations that are firmly in Europe but outside the EU.”
CBI President Lord Bilimoria said: “This represents an opportunity to increase collaboration on issues such as customs, reducing complexity in short-term mobility and building collaboration on innovation through our world-class research facilities.”
William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “Switzerland is the UK’s 10th largest trading partner with a relationship worth £34.5 billion in 2020.
“London, the South East and East of England have particularly strong export ties to Switzerland.
“We look forward to sharing our ideas with the Government on a bespoke, ambitious trade deal with Switzerland that will boost our exports across the UK.”
