|  NEWS

Switzerland and the UK have agreed to extend the Services Mobility Agreement (SMA), in place since the beginning of last year.

The deal has boosted firms’ ability to provide services in both countries by permitting staff to easily work in both.

The continuation of the agreement allows UK professionals to travel and work freely in Switzerland for up to 90 days a year with no need for a permit.

Switzerland is the UK’s sixth largest export market for services, worth over £12 billion in exports in 2021, London Loves Business reports. The majority were made up of accountancy, architectural, and legal services, amounting to £6.5 billion, while financial services made up £1.9 billion.

The Services Mobility Agreement will continue for an additional three years, according to the UK government website. Both nations have agreed to begin talks in 2023 on a new free trade agreement, setting up “long-term arrangements for services mobility and boost trade between the UK and Switzerland even further, in 2023.”

“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,” said the UK’s Trade Secretary, Kemi Badenoch.

“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 £39 billion last year,” she added.

Switzerland is a global leader in regard to innovation and has been top of the Global Innovation Index for 12 straight years.

Speaking of the extension to the SMA, Policy Chairman of the City of London Corporation, Chris Hayward, said: “Access to the world’s best talent, and a capacity to move highly skilled labour between the UK and Switzerland is of paramount importance to the financial and professional service sector.

“The UK and Switzerland are the two largest financial centres in Europe which means strengthening our services trade relationship is a top priority for the sector,” he continued.

Category

Tags

  • Switzerland,
  • UK

News you might like

Media contact

deVere Switzerland’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Switzerland’s Head of Public Relations on [email protected] or call +44 2071220925