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. As the Brexit transition period draws to a close in December 2020, the UK government is actively working to secure international agreements that will help make Britain an important financial centre after leaving the European Union. A results-based mutual recognition agreement will improve cooperation between the UK and Switzerland by reducing costs and barriers to cross-border trade in financial services. The bilateral financial services agreement was also created in light of the recent COVID 19 pandemic. Given the economic challenges that are considered particularly important now that coronavirus restrictions are eased in Europe, such obligations are considered particularly important. You must ensure that the work or transformation you are doing in the UK goes beyond the minimum operations mentioned in the agreement and that the other relevant conditions are met. The importance of the financial services agreements was underlined by Rishi Sunak, Chancellor of the Exchequer of the United Kingdom, who said that on 11 February 2019, an additional agreement was also signed between Switzerland, the United Kingdom and the Principality of Liechtenstein to extend the relevant provisions of the trade agreement to Liechtenstein, within the framework of the Swiss Customs Union-Liechtenstein. 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 agreement will support trade in important sectors of the UK economy, including the financial, consulting, legal services, technology and creative sectors. In 2017, Fox said the UK could “replicate the 40 free trade agreements before leaving the EU” on March 29 so there would be no trade disruptions. The initial agreement will last two years to ensure continuity immediately after the transition period.
It will help lay the groundwork for a future improvement in trade relations between united Switzerland. Switzerland and the United Kingdom are natural partners and world leaders in financial services exports, so it is essential that we deepen our relationship in the years to come. I therefore welcome the agreement on the mobility of services between our two countries, which will pave the way for in-depth mutual cooperation in the area of financial services trade between our two countries. As the two main financial centres in Europe, Britain and Switzerland are the appropriate partners for a bilateral financial services agreement.