Signing of an agreement over financial services between the UK and Switzerland has been welcomed by the British Chambers of Commerce, which says it could pave the way for greater economic collaboration.
William Bain, Head of Trade Policy at the BCC said: “Switzerland is one of the largest global markets for UK services – accounting for 3.8% of total UK services exports during 2023, with financial services worth £2.7bn per annum alone.
“This Agreement creates new opportunities based upon mutual recognition while preserving regulatory autonomy in those affected sectors of financial services. With 85% of UK services exports being delivered digitally, this deal offers strong market access to UK based financial services companies, and Swiss firms alike.
“We hope 2024 will see the negotiation of a comprehensive Free Trade Agreement with Switzerland building upon this announcement. Any FTA should preserve the right of in-person travel and access for service provision for those businesses who need that.
“We also hope a bespoke trade deal will also advance mutual recognition of professional qualifications between the UK and Switzerland. Any agreement should also have strong provisions to develop digital trade between the two countries.”
