Switzerland says it wants more trade with UK post Brexit
In good news for both the government and business, Switzerland has announced plans to boost existing trade deals with the UK, post Brexit.
In a statement the Swiss Government said it wants to roll-over the existing trade deal Britain currently enjoys as a member of the EU.
Welcome news from Swiss Government that it not only wants its current trade relationship with the UK to roll-over, but also to expand and build on it. https://t.co/u3GvhRI2rX
— Change Britain (@Change_Britain) 27 April 2018
It said it “wishes to ensure that the existing mutual rights and obligations will continue to apply after the UK leaves the EU”.
And delivering a major win for the UK and a blow for Brussels, the statement added it wants to “expand these rights and obligations if possible”.
The report also noted what strengths the UK would have in deepening ties with Switzerland:
It’s a diverse and mature economy with opportunities in all sectors.
Bilateral trade between the UK and Switzerland is worth over £31.9 billion a year.
The business links between Switzerland and the UK are extremely strong with more than 80 flights per day linking the UK with Switzerland.
Benefits for UK businesses exporting to Switzerland include:
- favourable exchange rate
- flight times under 2 hours
- English widely spoken
- multicultural market suitable for product testing
- Europe’s highest per capita income
- similar legal and regulatory environment
Strengths of the Swiss market include:
- central location in Europe
- political and financial stability
- excellent public infrastructure
- highly educated workforce
- high productivity
- innovative country with high spend on research and development (R&D) and technology
- purchasing power amongst the world’s highest
- reliable business, legal and regulatory environment
- low Value Added Tax (VAT) compared to many European Union (EU) countries