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the bilateral agreement on financial services must also provide a clear process that must follow if recognition is withdrawn at some point.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/efd/en/home/dokumentation/nsb-news_list.msg-id-73761.html www.newsd.admin.ch/newsd/message/attachments/55443.pdf www.admin.ch/opc/de/classified-compilation/19890212/index.html ec.europa.eu/world/agreements/downloadFile.do?fullText=yes&treatyTransId=549 www.finma.ch/en/news/2018/07/20180718-mld-versicherungsabkommen-schweiz-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.