Why Is The UK's Switzerland Trade Deal Significant

The United Kingdom and Switzerland have signed a landmark free trade agreement focused on services, a move expected to strengthen economic ties and increase British exports, according to the U.K. government.

The agreement is projected to generate an additional £5.2 billion ($6.96 billion) in annual U.K. exports over time. The report said it is Britain's sixth trade deal in two years and its most significant agreement covering the services sector.

According to the report, services account for 81% of the U.K.'s GDP and 83% of employment, making the sector central to Britain's economy.

Trade policy minister Chris Bryant said the deal reflects strong cooperation in areas such as financial services, insurance and life sciences. He also said Britain seeks closer trade ties with Europe as part of its broader post-Brexit strategy, while expressing support for eventually rejoining the European Union.

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tippinsightsTIPP Staff