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UK, Switzerland sign trade continuity agreement

15
Feb '19
Courtesy: GOV.UK
Courtesy: GOV.UK
The United Kingdom and Switzerland recently signed in Bern an agreement to simplify trade and allow businesses to continue trading freely without additional tariffs. It continues the elimination of duties on most goods traded. Liam Fox, British secretary of state for international trade, signed the agreement with Swiss federal councillor Guy Parmelin.

British businesses and consumers will benefit from continued trade with Switzerland after the United Kingdom leaves the European Union, according to a UK Government press release.

Business groups, including the British Swiss Chamber of Commerce (BSCC), have welcomed the development, saying it will help support jobs and ensure businesses can keep trading without disruption.

Trading on these preferential terms rather than on World Trade Organization terms will deliver significant savings and help to safeguard British jobs, the UK Government feels.

Trade between both the countries was worth £32.1 billion in 2017. British consumers will continue to benefit from more choice and lower prices on goods imported from Switzerland, such as clocks, watches, and pharmaceutical products. (DS)

Fibre2Fashion News Desk – India


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