UK and Switzerland ratify continuity agreement

Brexit | | MIC Customs Solutions |

Trade will continue as usual between the UK and Switzerland after Brexit.

The UK and Switzerland have officially ratified a deal that will see the two nations able to continue trading as they did before once Britain leaves the European Union.

This 'continuity agreement' was agreed in December, but representatives from both countries have now come together to formally ratify it.

Among the groups welcoming the news was the British Swiss Chamber of Commerce, which said it would support jobs and help businesses to keep trading without disruption after March 29th 2019.

The agreement aims to simplify trade and keep goods flowing freely between the two countries without any additional tariffs being applied.

It also eliminates the duties on most products being traded, terms that are preferential to the World Trade Organization rules that would otherwise apply.

International trade secretary Dr Liam Fox said: "Not only will this help to support jobs throughout the UK but it will also be a solid foundation for us to build an even stronger trading relationship with Switzerland as we leave the EU."

Switzerland is currently the UK's seventh largest export market and third largest non-EU market.

Britain is currently seeking to replicate around 40 EU free trade agreements in more than 70 countries ahead of the Brexit deadline.