Update following round 5 of negotiations on an enhanced Free Trade Agreement with Switzerland
The UK and Switzerland held the fifth round of negotiations on an enhanced Free Trade Agreement (FTA) on 24 and 25 October 2023 [now 2024]. The negotiations were constructive and both sides made progress on a number of areas.
The UK and Switzerland agreed to intensify negotiations and to hold the sixth round of negotiations in London in early 2023 [now 2024]. Both sides are committed to working towards an ambitious and comprehensive FTA that will benefit businesses and citizens in both countries.
Background
The UK and Switzerland have a long history of close economic cooperation. The two countries signed a Free Trade Agreement in 1973, which was updated in 2004. The current FTA covers trade in goods and services, as well as investment and intellectual property.
In 2021, the UK and Switzerland agreed to begin negotiations on an enhanced FTA. The enhanced FTA would build on the existing FTA and include new provisions on areas such as digital trade, services, and investment.
The negotiations
The fifth round of negotiations was held in Bern, Switzerland. The two sides met in person for a series of technical discussions.
The negotiations covered a wide range of topics, including:
- Goods: The UK and Switzerland discussed ways to improve the trade in goods between the two countries. This included discussing measures to reduce tariffs and other trade barriers.
- Services: The UK and Switzerland discussed ways to improve the trade in services between the two countries. This included discussing measures to reduce barriers to entry for service providers.
- Investment: The UK and Switzerland discussed ways to improve the investment climate between the two countries. This included discussing measures to protect investors and their investments.
- Digital trade: The UK and Switzerland discussed ways to improve the trade in digital goods and services between the two countries. This included discussing measures to reduce barriers to the cross-border flow of data.
Progress
The two sides made progress on a number of areas during the fifth round of negotiations. These included:
- Goods: The UK and Switzerland agreed to reduce tariffs on a number of goods. They also agreed to work together to reduce other trade barriers.
- Services: The UK and Switzerland agreed to reduce barriers to entry for service providers. They also agreed to work together to improve the recognition of professional qualifications.
- Investment: The UK and Switzerland agreed to strengthen the investment protection provisions in the existing FTA. They also agreed to work together to improve the transparency of the investment regime in both countries.
- Digital trade: The UK and Switzerland agreed to work together to reduce barriers to the cross-border flow of data. They also agreed to work together to promote the development of digital trade.
Next steps
The UK and Switzerland agreed to intensify negotiations and to hold the sixth round of negotiations in London in early 2024. Both sides are committed to working towards an ambitious and comprehensive FTA that will benefit businesses and citizens in both countries.
Update following round 5 of negotiations on an enhanced Free Trade Agreement with Switzerland
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