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The UK and Switzerland have agreed a three-year extension to the Services Mobility Agreement, which enables UK professionals to work in Switzerland without a permit for up to 90 days.
The deal has been in operation since 2021 and the extension will benefit the UK services industry, which accounts for around 80% of the UK’s GDP and workforce.
The two countries have also agreed to start negotiations next year on a new free trade agreement, which would establish long-term arrangements for services mobility and boost trade between the countries.
Switzerland is the UK’s sixth largest export market for services, worth over £12bn in exports last year. ‘Other business services’, including accountancy, architectural, and legal services made up the majority of these, worth £6.5 billion, while financial services accounted for £1.9 billion.
Kemi Badenoch, trade secretary, said: “The UK and Swiss economies are both services powerhouses and closely aligned. Today’s agreement is a win-win for both sides. From financial services in Edinburgh to cyber security in Wales, the deal ensures UK businesses capitalise on the huge opportunities on offer.
“This is just the beginning. I am excited to launch negotiations on an ambitious, future-facing trade deal with Switzerland that will boost our already incredibly strong trading relationship, worth £39bn last year.”
Rain Newton-Smith, chief economist at the CBI said: “Businesses across the UK will welcome today’s extension of the Services Mobility Agreement, as called for by the Trade in Services Council. With four in five UK jobs located in the services sector, the ability to work in Switzerland is hugely beneficial for firms trading with the UK’s 7th largest export market.
“Business will hope this injects crucial momentum as the UK and Switzerland prepare to negotiate an enhanced FTA. The CBI’s co-chairing of the UK-Switzerland Bilateral Trade and Investment Council will provide an important forum for firms to discuss ways to further unlock new and exciting trade opportunities with Switzerland.”
