Uk Switzerland Financial Services Agreement

The agreement fulfills the key requested by techuk members prior to the negotiations. It ensures the continuity of existing trade agreements and provides a solid basis for a future free trade agreement, hopefully just as ambitious. Catherine McGuinness is Chair of the Policy-Resources Committee of the City of London Corporation, an organization that represents the interests of financial players in the British capital. She feels “a real enthusiasm on both sides to deepen the already very good relations between Great Britain and Switzerland.” Talks between the UK and Turkey on a trade deal have gained momentum since the EU ended for the UK at the end of 2019, the deal is not yet under target, but it is said that the two nations are close to reaching a deal. Technical work with Switzerland will begin immediately, with a “financial dialogue” from 8 September and an update at the end of 2020, Sunak said. Switzerland and the EU signed an agreement on the AIA in 2015. Since autumn 2018, data have been exchanged between Switzerland and the United Kingdom on this basis. During the transitional period, the bilateral agreements ENTRE the EU and Switzerland continue to apply to the United Kingdom. After the end of the EU-Uk transitional period, the AIA is expected to continue from 1 January 2021 on the basis of a multilateral agreement on the competent authority (MCAA). At a virtual meeting, ministers agreed that they wanted to reach an agreement that would allow cross-border access to the wholesale financial services market in Dendap for insurance, banks, asset management and capital market infrastructure, the ministry said.

The joint declaration signed today by Rishi Sunak and Ueli Maurer, head of Switzerland`s Federal Department of Finance, is the most ambitious commitment of two countries to develop an international agreement on financial services. It marks the UK`s ambition to continue to consolidate its role as an international financial centre, even after leaving the EU, with the highest regulatory standards and openness to the world. Both parties recognize that different approaches to financial regulation can produce similar results in terms of financial stability and investor and consumer safety. The United Kingdom and Switzerland are natural partners in the trade in financial and related professional services. As the world`s leading and third largest net exporter of these services, both countries strive to develop high-quality global standards and maintain open and efficient markets. These discussions provide an opportunity to define a new gold standard for global trade in services between two sovereign nations. The UK has also begun talks with Kenya on a post-Brexit trade deal. The Kenya-UK trade deal was discussed in a telephone conversation between British Prime Minister Boris Johnson and Kenyan President Uhuru Kenyatta. The commitment signed between the United Kingdom and Switzerland is an example that paves the way for an ambitious agreement on financial services. The United Kingdom and Switzerland are committed to enabling financial firms to offer their services to large and demanding customers across the border. International cooperation between the UK and Switzerland will intensify in order to design and implement international standards and to highlight the use of technology in financial services. The commitment to cooperate in the mutual recognition of professional qualifications is also a positive result.

Given that Switzerland is one of the UK`s main trading partners in the services sector, we hope that this will be another important step towards an ambitious and comprehensive free trade agreement between the two countries in the future.