The agree­ment between Britain and Switzer­land fol­lows the agree­ment reached last Decem­ber between the Unit­ed King­dom and the Unit­ed States, which is also in line with the cur­rent UE-Ue agree­ment with the US insur­ance indus­try. On that date, a com­mit­ment was signed, but no agree­ment has yet been reached. The fol­low­ing is a nego­ti­a­tion phase that must lead to a legal­ly bind­ing inter­na­tion­al agree­ment defin­ing the above points. The UK has also begun talks with Kenya on a post-Brex­it trade deal. The Kenya-UK trade deal was dis­cussed in a tele­phone con­ver­sa­tion between British Prime Min­is­ter Boris John­son and Kenyan Pres­i­dent Uhu­ru Keny­at­ta. Last month, the UK gov­ern­ment and the Fed­er­al Coun­cil approved a post-Brex­it trade agree­ment on goods and ser­vices. The com­mit­ment signed between the Unit­ed King­dom and Switzer­land is an exam­ple that paves the way for an ambi­tious agree­ment on finan­cial ser­vices. The UK‘s bilat­er­al finan­cial ser­vices agree­ment with Switzer­land aims to strength­en coop­er­a­tion and con­fi­dence by facil­i­tat­ing british com­pa­nies‘ access to the Swiss mar­ket and vice ver­sa. The finan­cial ser­vices agree­ment will be dis­cussed at the next finan­cial dia­logue between Ukraine and Switzer­land on 8 Sep­tem­ber 2020. This meet­ing will be part: the bilat­er­al agree­ment on finan­cial ser­vices must also pro­vide a clear process that must fol­low if recog­ni­tion is with­drawn at some point.

A results-based mutu­al recog­ni­tion agree­ment will improve coop­er­a­tion between the UK and Switzer­land by reduc­ing costs and bar­ri­ers to cross-bor­der trade in finan­cial ser­vices. The SVE and the Min­istry of Finance also acknowl­edged the sign­ing of the insur­ance con­tract between Switzer­land and the Unit­ed King­dom in a joint state­ment. www​.efd​.admin​.ch/​e​f​d​/​e​n​/​h​o​m​e​/​d​o​k​u​m​e​n​t​a​t​i​o​n​/​n​s​b​-​n​e​w​s​_​l​i​s​t​.​m​s​g​-​i​d​-​7​3​7​6​1​.​h​tml www​.newsd​.admin​.ch/​n​e​w​s​d​/​m​e​s​s​a​g​e​/​a​t​t​a​c​h​m​e​n​t​s​/​5​5​4​4​3​.​pdf www​.admin​.ch/​o​p​c​/​d​e​/​c​l​a​s​s​i​f​i​e​d​-​c​o​m​p​i​l​a​t​i​o​n​/​1​9​8​9​0​2​1​2​/​i​n​d​e​x​.​h​tml ec​.europa​.eu/​w​o​r​l​d​/​a​g​r​e​e​m​e​n​t​s​/​d​o​w​n​l​o​a​d​F​i​l​e​.​d​o​?​f​u​l​l​T​e​x​t​=​y​e​s​&​t​r​e​a​t​y​T​r​a​n​s​I​d​=​549 www​.fin​ma​.ch/​e​n​/​n​e​w​s​/​2​0​1​8​/​0​7​/​2​0​1​8​0​7​1​8​-​m​l​d​-​v​e​r​s​i​c​h​e​r​u​n​g​s​a​b​k​o​m​m​e​n​-​s​c​h​w​e​i​z​-​eu/ Ash­by said it was not yet clear how British insur­ers could oper­ate in EU mem­ber states after Brex­it, as the final form of the with­draw­al agree­ment is uncer­tain. Direct insur­ance agree­ment with the excep­tion of life insur­ance, 25.01.2019 The impact of Brex­it on British cit­i­zens will be felt in dif­fer­ent ways, one of the main eco­nom­ic con­sid­er­a­tions. For the UK econ­o­my to pros­per out­side the Euro­pean Union, the UK must con­clude new inter­na­tion­al agree­ments. Deci­sion on the Direct Insur­ance Agree­ment By coop­er­at­ing with bilat­er­al agree­ments with Euro­pean and African nations, it is clear that the UK hopes to con­sol­i­date its role as an impor­tant finan­cial cen­tre after Brex­it. The impor­tance of the finan­cial ser­vices agree­ments was high­light­ed by Rishi Sunak, the Chan­cel­lor of the Exche­quer of the Unit­ed King­dom, who said: “Today‘s agree­ment con­cerns our vision of the glob­al econ­o­my as open, glob­al and free — a vision shared by Switzer­land with our long com­mer­cial and finan­cial his­to­ry.” The gov­ern­ments of the Unit­ed King­dom and Switzer­land have signed an agree­ment that allows insur­ers in both coun­tries to con­tin­ue to act freely after the UK‘s with­draw­al from the EU. As the two main finan­cial cen­tres in Europe, Britain and Switzer­land are the appro­pri­ate part­ners for a bilat­er­al finan­cial ser­vices agreement.