An agreement on trade in services between the United Kingdom and Switzerland was concluded on Monday, with an increase in exports of about Pound5.2 billion per year. The agreement will not only facilitate economic exchanges between the two countries, but will also simplify travel procedures, allow British tourists access to the Swiss electronic route and reduce the waiting time at the airport.
The British trade minister, Chris Bryant, stated that this was the best British agreement in the area of services to date. The agreement was the sixth trade agreement reached by the United Kingdom within two years, marking a new policy direction for the United Kingdom after graduation.
The Government expects that this free trade agreement will bring an additional Pound5.2 billion (approximately $6.96 billion) to Switzerland in the coming years. The Government also indicated that the agreement was the most important trade in services in British history, with services accounting for 81 per cent of GDP.