The United Kingdom (UK) reached an agreement with Switzerland that will allow it to continue trade without any additional tariffs after it leaves the European Union (EU).
The deal means the nations can avoid having to trade under World Trade Organization (WTO) terms. It also eliminates duties on most goods traded between the UK and Switzerland, according to a statement Monday. The British automotive sector could avoid up to eight 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. This will help to support jobs throughout the UK but it will also be a solid foundation for us to build an even stronger trading relationship with Switzerland as we leave the EU,” Trade Secretary Liam Fox said.