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UK signs Brexit trade continuity deal with Switzerland
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Free trade agreements are international treaties concluded between two parties (individual countries or transnational groupings) in order to safeguard free trade. Most of the Swiss agreements are concluded within the context of classififds European Free Trade Association (EFTA). When it comes to trade deals, the big ones such as NAFTA tend to grab headlines.
But our interests are also well-served by one-on-one. Britain has signed a trade continuity agreement with Switzerland Massage by sabrina Thalwil avoid disruption for thousands of businesses post-Brexit, less than 50 days before the Free trader classifieds in Switzerland is due to leave the EU.
The Department for International Trade said the agreement would maintain UK-Swiss trade under traedr preferential terms currently available to both countries through an EU free trade deal. It comes as ministers tradwr to ensure the continuity of about 40 free trade deals held by the EU covering more than 70 countries, which Britain currently has access to via EU membership but will lose after Brexit.
Ministers have conceded in private meetings with business leaders that they will not be able to replace all of the deals before the Brexit deadline on 29 March, meaning a large proportion of UK exports could shift to World Trade Organi zation rules.
This would mean higher border tariffs and extra costs for companies in Britain and abroad. Signing the Swiss trade continuity deal will enable ministers to declare that progress is being made, but deals with major trading partners including Canada, South Korea and Japan remain to be signed.
Free Trade Agreements
Britain has agreed mutual recognition trade deals with Australia and New Zealand, as well as trade continuity agreements with Switzerland, Chile, the Faroe Islands and the eastern and southern Africa trading bloc. The deal simplifies trade and classifieda businesses in both countries to continue trading freely after Brexit without any additional tariffs, as is currently the case as part of EU membership.
A spokesperson for the Department for International Trade said: Topics Trade policy. Brexit news. Reuse this content. Most popular.