Realising trading opportunities with Switzerland

Total trade in goods and services between the UK and Switzerland neared £50bn in the four quarters to the end of Q3 2022 – an increase of 41.8% compared to the four quarters to the end of Q3 2021. With Switzerland amongst the UK’s top ten trading partners, upcoming trade negotiations provide an exciting opportunity for businesses in sectors such as finance, pharmaceuticals, agri-food, and innovation.

Chaired by CBI President Brian McBride and economiesuisse Chairman Christoph Mäder, the BTIC was created as a cross-economy initiative aiming to provide businesses and government with a platform to collaborate on high-level trade priorities and explore potential trade and investment barriers.

Throughout the BTIC and its associated innovation workshops, participants from both sides shared a sense of optimism about the future of UK-Swiss relations. Both governments were encouraged to be ambitious and pioneering in upcoming negotiations for an Enhanced Trade Agreement (ETA) to promote a more prosperous partnership. Participants felt that an ETA would provide an opportunity to further strengthen economic ties and foster innovation in two of the leading international R&D powerhouses.

Following the BTIC, the co-chairs wrote to Secretary of State Kemi Badenoch MP and her Swiss equivalent – Guy Parmelin – to emphasise the importance of cross-border collaboration in today’s challenging trading environment. They noted that the BTIC and innovation workshops highlighted the business community’s strong appetite to advance important success factors for innovation and the bilateral relationship in general.

The CBI will be convening a Switzerland working group for members interested in the upcoming trade negotiations. The group will meet on an ad-hoc basis to discuss negotiations and hear from relevant government representatives on the progress being made. Please get in touch with [email protected] to join.