Federal Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research (EAER), welcomed the UK Secretary of State for International Trade, Kemi Badenoch, to Bern on 15 May. The meeting focused on the further development of the trade agreement and additional opportunities for bilateral cooperation.

Trade relations are currently governed by the 2019 Switzerland-UK trade agreement, which as far as possible secures the mutual rights and obligations that bound the two states before Brexit. The existing contractual relationship is now to be adapted to current needs and further developed in the direction of a trade agreement that is as comprehensive as possible. The first round of negotiations will take place in London during the week beginning 22 May.

Switzerland is aiming to integrate provisions on the trade in services, investments, digital commerce, intellectual property rights, small and medium-sized enterprises, and trade and sustainable development. The new agreement is intended to ensure non-discriminatory market access in several areas that are important for the Swiss economy. It also aims to improve legal certainty for economic exchange and contribute to cooperation between the two countries.

The UK is one of Switzerland's ten most important trading partners for goods. In 2022, the bilateral trade volume in goods amounted to around CHF 13 billion, and CHF 20.6 billion if precious metals are included. With regard to the trade in services, the UK is Switzerland's third most important trading partner with a volume of around CHF 23 billion.

Switzerland and the UK launch negotiations