Working on bilateral agreements with European and African nations, it is clear that the UK hopes to consolidate its role as an important financial centre after Brexit. “This bespoke agreement is based on strong regulatory and regulatory cooperation between the UK and Switzerland. The approach under this agreement contains essential elements for future financial services transactions with our global trading partners and is an important step forward in securing the UK`s global banking and financial centre. The EU`s chief Brexit negotiator has said Britain`s demands in the ongoing trade talks in Brussels are unacceptable and that Britain`s plans to abolish EU financial regulation risk a new crisis that could hurt the bloc. The financial dialogue will be used to agree on the next steps and the negotiation process. Other common interests are also discussed, including the role of technology in the financial industry. The United Kingdom is very keen to conclude new bilateral agreements to protect its position as the world`s leading financial services centre. Work on the “Mind the Gap” strategy is still ongoing after Brexit. As part of these efforts, cooperation between Switzerland and the United Kingdom, in the interests of both parties, will be strengthened beyond the existing status quo (“status quo plus”). Given that open and liberal markets are one of the objectives of both UK and Swiss trade policy, the SBA`s position on further liberalisation of reciprocal market access for financial services is positive.
The United Kingdom left the European Union on 31 January 2020. The UK`s withdrawal marked the beginning of a transitional period until 31 December 2020, during which time bilateral agreements between Switzerland and the EU continue to apply to the UK. A new round of bilateral agreements between Switzerland and the United Kingdom will then apply. With such an agreement, Switzerland and Great Britain want to reaffirm their commitment to open financial markets and international financial stability. This commitment outlines the common ambitions of the United Kingdom and Switzerland to negotiate a results-based mutual recognition agreement for financial services, which will strengthen cooperation and trust between the two countries. This will reduce costs and barriers for UK companies with access to the Swiss market, and vice versa, and cover a wide range of sectors. On 30 June 2020, the Chancellor of the Exchequer and his Swiss counterpart signed a commitment to develop an international agreement on financial services. The agreement will facilitate the provision of cross-border financial services.
The United Kingdom and Turkey negotiated a trade agreement on industrial products, agriculture and services. Turkish Foreign Minister Mevlut Cavusoglu travelled to London on 8 July to attend talks with British Prime Minister Boris Johnson and Foreign Minister Dominic Raab.