LONDON (dpa-AFX) - UK and Swiss negotiators met Monday, for first time since the election, to restart talks on an enhanced and upgraded Free Trade Agreement (FTA).
Switzerland is the UK's 10th largest trading partner and 7th largest export market, with total trade between the two countries worth £51 billion ($66.70 billion) in 2023. The talks, the first to take place under the Labor Government, provide a chance to further strengthen UK-Swiss trading relationship, drive economic growth and create jobs across the UK.
The UK and Switzerland are both leading service-based economies, with services trade accounting for nearly £30 billion ($39.23 billion) of UK-Swiss trade, despite their existing trade agreement focusing mostly on goods.
A modern deal could support jobs in all UK nations and regions, including 130,000 services jobs supported by exports to Switzerland, and provide much needed long-term certainty on travel arrangements for UK firms, the Department for Business and Trade said in a press release.
Nestle Purina recently announced a £150 million ($196.18 million) investment to revamp facilities at its factory in Wisbech, Cambridgeshire, installing new technology and creating 40 new jobs.
Business and Trade Secretary Jonathan Reynolds said he is looking forward to starting negotiations on an updated and modern trade deal, which will help drive economic growth and boost jobs and prosperity across the UK.
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