The UK-Switzerland Agreement: What Does it Mean for Brexit?
On February 11, 2019, the UK and Switzerland signed a bilateral agreement to maintain their trading relationship after Brexit. The agreement was seen as a positive step towards securing the UK`s economic stability in the face of uncertainty caused by Brexit. But what exactly does this agreement entail, and how will it impact the UK and Switzerland`s trading relationship?
The UK-Switzerland agreement is significant because it replicates the existing trading relationship between the two countries. This means that after Brexit, the UK and Switzerland will continue to trade with each other under the same terms as they do now. The agreement covers areas such as trade in goods, trade in services, intellectual property, public procurement, and more.
One of the main benefits of the agreement is that it helps to provide certainty for businesses operating in both the UK and Switzerland. They will be able to continue trading with each other without disruption, and will not face additional tariffs or barriers to trade. This is particularly important for the many UK businesses that export to Switzerland, which is a key market for UK goods. According to the UK government, around 5,500 UK businesses currently export to Switzerland, and the country is the UK`s eighth largest non-EU export market.
Another key aspect of the agreement is that it allows for the mutual recognition of professional qualifications. This means that professionals such as doctors, dentists, and engineers will be able to continue to work in both the UK and Switzerland without needing to requalify. This is crucial for industries such as pharmaceuticals and finance, which rely on highly skilled workers.
In addition, the UK-Switzerland agreement includes provisions for cooperation on a range of issues such as research and development, environmental protection, and tourism. This demonstrates a commitment to maintaining a strong relationship between the two countries, beyond simply trade.
Overall, the UK-Switzerland agreement is a positive development for both countries in the context of Brexit. It provides important continuity for businesses and professionals, and helps to maintain a strong trading relationship between the UK and Switzerland. It also sets an example for other countries that may be seeking post-Brexit trade agreements with the UK. As the UK continues down the path towards leaving the EU, agreements like this one will become increasingly important in securing the country`s economic future.