CBI and economiesuisse hold second ever UK-Swiss bilateral trade and investment council ahead of trade negotiations

The UK’s biggest business organisation – the CBI – and its Swiss sister federation – economiesuisse – are today (Wednesday) holding the second-ever meeting of the UK-Swiss Bilateral Trade and Investment Council. This comes as negotiations for a free trade agreement between both countries are expected to start this spring.

The UK and Switzerland currently have a trading relationship worth £39.7 billion. A modernized trade agreement and a comprehensive financial services agreement could further the two countries strong ties in goods, services and digital trade and could boost their current bilateral investment relationship.

Taking place in Zurich, the Council will hear from high-level officials from both the UK and Swiss governments. It will also bring together policymakers and businesses in both countries to discuss existing trade and investment barriers as well as ideas on how to strengthen UK-Swiss innovation capacity.  

The Council is happening at a time when negotiations for a financial services mutual recognition agreement between the UK and Swiss are well underway. It also comes after a number of bilateral activities that aim to strengthen the existing relationship, including a joint Research and Development Memorandum of Understanding signed late last year.  

Welcoming the second Bilateral Trade and Investment Council meeting, Brian McBride, CBI President, said:  

“I’m very pleased to be co-chairing the second UK-Swiss Bilateral Trade and Investment Council. Bringing together business leaders and policymakers from the UK and Switzerland will be key in helping forge an enhanced trade agreement that boosts trade and benefits leading sectors in both countries such as services sectors and mobility.”

Christoph Mäder, Chairman of economiesuisse, added: “I am extremely pleased to see how strongly the Swiss-UK relationship has evolved. But we are still not exploiting our full bilateral potential. With innovation being a crucial factor to creating prosperity and dealing with major global challenges, this year’s Council meeting also sets a special focus on how to strengthen our bilateral innovation capacity.” 

UK Business and Trade Secretary, Kemi Badenoch, said: “Both the UK and Switzerland are services superpowers with a trading relationship of nearly £40 billion a year.

“This council will help bring businesses in both countries closer together as we seek a new, 21st Century UK-Swiss trade deal that puts services and investment at its heart.”