Anglo Swiss upgrade free trade agreement focuses on breakthroughs in service trade

London, July 13 (Xinhua) -- The UK government disclosed on the 13th that the UK and Switzerland have finalized a new version of the Free Trade Agreement, which is a strengthened free trade agreement that comprehensively upgrades the existing framework of free trade in goods. The opening up of the service sector is the core content of this upgrade.

According to calculations by the UK, after the long-term implementation of the agreement, the UK's annual exports of services to Switzerland could reach 5.2 billion pounds (approximately 47.2 billion yuan). The service industry is the core pillar industry of the UK economy, with finance, law, professional consulting, life sciences, and digital industries all being the country's advantageous export categories. Switzerland remains the sixth largest service export market in the UK, with close bilateral trade in services.

The new version of the agreement introduces multiple cross-border convenience measures: British citizens can use the electronic customs clearance channel at Swiss airports; Both parties plan to cancel cross-border mobile roaming tariffs; British professionals can stay in Switzerland visa free for 90 days per year, and the long-term work experience for corporate expatriates in Switzerland has been relaxed to five years. The agreement establishes rules for the free flow of data across borders, abolishes barriers to mandatory establishment of local branches in multiple regions, and significantly reduces the threshold for cross-border operations of small and medium-sized technology enterprises.

The UK government stated that the agreement will consolidate the UK's position as a major global exporter of services. Multiple multinational accounting firms and London financial industry institutions have evaluated that the agreement significantly reduces bilateral regulatory friction and clears institutional barriers for cross-border investment and business cooperation.

The early free trade agreement between Britain and Switzerland focused on goods trade, and there were obvious shortcomings in the rules of the service industry. This upgrade fills the gaps in economic and trade, and reconstructs the bilateral cooperation pattern with service terms. At present, the agreement still needs to be reviewed by the parliaments of both countries before it can officially come into effect. The market generally predicts that the agreement will continue to drive the export of services from various parts of the UK, consolidating the UK's competitive advantage in the high-end service industry in Europe.