Switzerland, Britain conclude 'modernised' free trade deal talks / Photo: Stefan WERMUTH - AFP/File
-
$1.8 Billion Pledged for Biodiversity at COP17 as Monaco Reaffirms Commitment
-
Karen Wazen Launches First Standalone Boutiques in Cairo
-
Phoenix Symphony Resumes Performances Amid Financial Uncertainty
-
Municipal Elections: How Service Failure Becomes a Public Health Crisis in South Africa
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
Switzerland, Britain conclude 'modernised' free trade deal talks
Switzerland and Britain have concluded negotiations on an upgraded free trade agreement, Bern said Monday, saying the deal would boost legal certainty for businesses in both countries.
Following Britain's 2016 decision to leave the European Union, London swiftly concluded a trade agreement with Switzerland in 2019 to stake out their trade relations as two independent players outside the bloc, and to safeguard their mutual rights and obligations.
That agreement took effect in 2021, but two years later, the two countries launched negotiations towards a more comprehensive free trade deal.
Those negotiations concluded on Monday during a meeting in Bern between Swiss President Guy Parmelin and Britain's Trade Secretary Peter Kyle, the Swiss economic affairs ministry said in a statement.
"The new agreement goes well beyond maintaining the status quo and places bilateral economic relations on a comprehensive and modern footing," the statement said.
The agreement, it insisted, "safeguards existing preferential arrangements in trade in goods and provides for targeted improvements to market access".
"At the same time, it expands and modernises the bilateral legal framework, particularly with regard to trade in services, investment, the mobility of service providers and digital trade."
The deal, which still needs to be signed, "also includes provisions on financial services, telecommunications, public procurement, intellectual property, trade and sustainable development, and small and medium-sized enterprises", the ministry said, adding that the agreement would strengthen "legal certainty for businesses in both countries".
Bern maintained that the agreement also sent a clear "geopolitical signal".
"In an environment characterised by increasing fragmentation and uncertainty over trade policy, two major European economic powers outside the European Union are strengthening their strategic partnership and reaffirming their commitment to open markets, reliable rules and close economic cooperation," it said.
The ministry said the two countries aimed to have the agreement signed before the end of the year, followed by the required domestic approval procedures.
T.Vitorino--PC
