The need for an update
Switzerland and the United Kingdom are linked by strong economic ties.
With bilateral trade worth nearly £35 billion annually, the two countries have trade relations in many strategic areas.
However, the current agreements date back to the 1970s and are therefore outdated.
The evolution of the technological landscape requires an updating of the rules so that companies can grow more efficiently.
This is a fundamental principle, especially if we consider the leading position of the UK and Switzerland in services.
In fact, the two countries are respectively the world’s second and twelfth largest net exporters of services. The UK exported more than £266.8 billion in services in 2020, while Switzerland exported £89.6 billion.
The lead is particularly in the financial field, where technology applications have evolved considerably in recent years.
Having an up-to-date framework of rules will facilitate the work of companies, encourage their growth and stimulate the development of strategic partnerships.
Figures from the Department for International Trade (DIT) for 2021 show that 14% of UK exports in services to Switzerland were in the financial services sector.