Newsdeck

Newsdeck

U.K. Signs Post-Brexit Trade Continuity Deal With Switzerland

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 U.K. reached an agreement with Switzerland that will allow it to continue trade without any additional tariffs after it leaves the European Union.

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.”

Gallery

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider

Every seed of hope will one day sprout.

South African citizens throughout the country are standing up for our human rights. Stay informed, connected and inspired by our weekly FREE Maverick Citizen newsletter.