Flourishing Trade Relations: The Promising Future of UK-Swiss Economic Partnership

Flourishing Trade Relations: The Promising Future of UK-Swiss Economic Partnership

September 2023

NatalieThomas, Head of the Swiss Business Hub UK shares her experience and outlook on the flourishing trade relations between Switzerland and the UK with the readers of "London Business Matters", the magazine of the London Chambers of Commerce and Industry (LCCI).

The future of UK-Swiss trade relations is undeniably promising, fuelled by historical ties, shared values and complementary economies. The bilateral trade volume between Switzerland and the UK had reached an all-time high of over CHF 44 billion in 2022, exceeding pre-Brexit levels. The bilateral trade agreement (a roll-over of the UK-EU agreement) signed between Switzerland and the UK in 2020 has played a vital role between the two nations. The Free Trade Agreement (FTA)is currently being modernized further, with the negotiations being launched in Bern in May of this year by Federal Councillor Guy Parmelin and UK Secretary of State for Business and Trade Kemi Badenoch.

Switzerlandis aiming to integrate provisions on trade in services, investments, digital commerce, and intellectual property rights. The new agreement is intended to ensure non-discriminatory market access in several areas that are important for the Swiss economy and will improve mobility of service providers in both directions.

Furthermore, a Memorandum of Understanding (MoU) in Innovation and Research was signed in November 2022 by Federal Councillor Guy Parmelin, and the UK’s then Minister of State at the Department for Business, Energy and Industrial Strategy George Freeman to strengthen collaboration in these areas, which will be a crucial driver in economic growth.

In June of this year a further MoU was signed between Switzerland Global Enterprise and the Department for Business and Trade, which has created major opportunities for business on both sides and demonstrates the profound impact of co-operation in an interconnected world.

You can read the full article on the London Business Matters website: https://www.londonbusinessmatters.co.uk/archive/2023-09/index.html#p=84