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Switzerland–United Kingdom Free Trade Agreement

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Switzerland–United Kingdom Free Trade Agreement
  Switzerland
  United Kingdom
TypeFree trade agreement
ContextUpdating trade agreement between Switzerland and the United Kingdom
Negotiators
Parties
LanguageEnglish

The Switzerland–United Kingdom free trade agreement (SUKFTA) is a proposed free trade agreement which began negotiations on 15 May 2023.[1] The trade agreement would be the third FTA to cover Switzerland–UK trade, superseding the Switzerland–UK Trade Continuity Agreement, updating the deal to cover services and digital trade.[2] Trade value between Switzerland and the United Kingdom was worth £53,551 million in 2022.[3]

History

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From 1 January 1973 until 30 December 2020, trade between Switzerland and the UK was governed by the Switzerland–European Union trade agreements, while the United Kingdom was a member of the European Union.[4] Following the withdrawal of the United Kingdom from the European Union, the UK and Switzerland signed a continuity trade agreement on 11 February 2019, based on the EU trade agreements; the agreement entered into force on 3 May 2021.[5][6]

Negotiations

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Trade negotiations formally opened on 15 May 2023.[1][2]

SUKFTA Round of Negotiations
Round Dates Location Ref.
1 22 May–2 June 2023 London [7]
2 18 September–6 October 2023 Virtual meeting [8]
3 27 November–14 December 2023 Virtual meeting [9]
4 4–8 March 2024 Bern [10]
5 14–18 October 2024 London [11]

Both sides refused to give a deadline for the conclusion of negotiations; the new agreement that reduces barriers to trade between the two “services superpowers” in areas like finance, legal and professional services, and architecture.[12] The second round of negotiations took place from 18 September to 6 October 2023.[8]

The third round of negotiations took place from 27 November to 14 December. Officials held technical discussions on areas such as procurement, investment, small-medium enterprises, sanitary and phytosanitary measures and animal welfare. The UK is also working with the Swiss to provide long-term certainty and greater market access for UK-Swiss service suppliers, claiming to boost bilateral trade in this area by £23.7 billion.[9]

The fourth round of negotiations took place from 4 to 8 March 2024 in Bern.[10]

See also

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References

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  1. ^ a b "UK - Switzerland Joint Statement: May 2023". GOV.UK. 15 May 2023. Archived from the original on 15 May 2023. Retrieved 17 March 2024.
  2. ^ a b "UK targets services boost as Swiss trade talks begin". Reuters. 14 May 2023. Archived from the original on 15 May 2023. Retrieved 17 March 2024.
  3. ^ "UK trade agreements in effect". GOV.UK. 3 November 2022. Archived from the original on 17 January 2024. Retrieved 9 February 2024.
  4. ^ "EU - Switzerland - Liechtenstein". World Trade Organization. Retrieved 16 March 2024.
  5. ^ Fox, Liam (11 February 2019). "UK and Switzerland sign trade continuity agreement". GOV.UK. Archived from the original on 11 February 2019. Retrieved 16 March 2024. UK–Switzerland FTA
  6. ^ "UK signs biggest trade deal since Brexit vote with Switzerland". Financial Times. 11 February 2019. Archived from the original on 12 February 2019. Retrieved 16 March 2024.
  7. ^ "Negotiations on an enhanced UK-Switzerland Free Trade Agreement: Update". GOV.UK. 8 June 2023. Archived from the original on 8 June 2023. Retrieved 8 April 2024.
  8. ^ a b "Negotiations on an enhanced UK-Switzerland Free Trade Agreement: Update October 2023". GOV.UK. Archived from the original on 17 October 2023. Retrieved 17 March 2024.
  9. ^ a b "Enhanced UK-Switzerland FTA negotiations: Update December 2023". GOV.UK. 14 December 2023. Archived from the original on 14 December 2023. Retrieved 14 December 2023.
  10. ^ a b "Enhanced UK-Switzerland FTA negotiations: Update March 2024". GOV.UK. 21 March 2024. Archived from the original on 21 March 2024. Retrieved 21 March 2024.
  11. ^ GOV.UK (30 October 2024). "Update following round 5 of negotiations on an enhanced Free Trade Agreement with Switzerland". GOV.UK. Retrieved 31 October 2024.
  12. ^ "UK Kicks Off Trade Talks With Switzerland to Boost Services". Bloomberg. Archived from the original on 15 May 2023. Retrieved 17 March 2024.
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Media related to Relations of Switzerland and the United Kingdom at Wikimedia Commons

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