The United Kingdom and Switzerland have agreed on the extension of the Services Mobility Agreement for another three years.
The extension of the agreement means that professionals from the UK will be able to continue travelling as well as operating freely in the territory of Switzerland for up to 90 days per year, without being required to obtain a permit, SchengenVisaInfo.com reports.
According to the UK government, the reached agreement between the two countries follows intensive discussions. Moreover, the same said that this deal has been in operation since the beginning of 2021 and pointed out that it has had a transformative effect on the ability of companies to provide services by permitting employees to easily work in both states.
The UK government further emphasised that it is very important for services exports to move skilled people between the UK and Switzerland as it facilitates the delivery of projects, helps to win new clients, as well as to get deals done.
The move was welcomed by the UK Trade Secretary, Kemi Badenoch, who said that the deal ensures that the businesses of the UK capitalize on the opportunities on offer.
“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,” the statement of Trade Secretary Badenoch reads.
In addition, Trade Secretary Badenoch stressed that he looks forward to a strong relationship between the two countries and, at the same time, highlighted that the trade deal was worth €44 billion in 2021.
Chief Economist at the Confederation of British Industry, Rain Newton-Smith, applauded the move too. She said that the ability to work in Switzerland is outstandingly beneficial for firms trading with the export market of the UK.
“Business will hope this injects crucial momentum as the UK and Switzerland prepare to negotiate an enhanced FTA,” Newton-Smith stated.
The extension of the agreement was also welcomed by the Policy Chairman of the City of London Corporation, Chris Hayward. He stressed that it is of prime importance for the sector to strengthen the services trade relationship
In addition to the above-mentioned, it has been revealed that the UK and Switzerland have also agreed to launch negotiations on a new agreement on free trade. According to the authorities, the agreement will boost the trade between the two countries even further.
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