Novelty Swiss cow and cowbell fridge magnets hang on display inside a souvenir shop in Lugano, Switzerland, on Tuesday, Nov. 15, 2016. While the Swiss National Bank (SNB) admitted to interventions to weaken the franc following the Brexit referendum, it declined to comment after the U.S. election last week. Photographer: Stephen Kelly/Bloomberg 
The deal means the nations can avoid having to trade under World Trade Organization terms, and eliminates duties on most goods traded between the U.K. and Switzerland, according to a statement Monday. The British automotive sector could avoid up to 8 million pounds ($10 million) a year in tariff charges under the agreement, it said.
“Switzerland is one of the most valuable trading partners that we are seeking continuity for, accounting for more than 32 billion pounds worth of trade a year,” Trade Secretary Liam Fox said. “Not only will this help to support jobs throughout the U.K. but it will also be a solid foundation for us to build an even stronger trading relationship with Switzerland as we leave the EU.”