At its meeting on 14 December, the Swiss Federal Council approved the text of a trade agreement with the UK aiming to maintain existing economic and trade relations with the country after its departure from the European Union.
If the transition period between the EU and the UK comes into effect on 29 March next year, the bilateral agreements between Switzerland and the EU will continue to apply between Switzerland and the UK. Under this scenario, the text of the agreement approved by the Federal Council will serve as a basis for economic and trade relations between Switzerland and the UK after the transition period expires on 31 December 2020 (or at a later date agreed between the UK and the EU), until such time as new trade agreements can be concluded between the parties.
However, in case of a ‘No deal’ scenario on 29 March next year, the text of the agreement approved by the Federal Council makes it possible to replicate in substance the vast majority of trade agreements that currently regulate relations between Switzerland and the UK. If the relevant parliamentary committees, which will be consulted early next year, approve the agreement, it could be signed and be applied from the date on which the UK leaves the EU.
Could be that other countries are doing the same…