The Government announced earlier this month that an enhanced deal had been signed with Switzerland, estimated to be worth £5.2 billion in additional annual UK services exports.
The deal was revealed at the same time that the UK-India trade deal came into force.
Tim Cooper-Cocks, international trade adviser at the Coventry and Warwickshire Chamber of Commerce, urged businesses to find out how it could boost their own bottom line.
He said: “For many businesses, the biggest opportunity is not simply exporting more goods, but expanding professional services, consultancy, engineering expertise and digital services into Switzerland. The agreement removes barriers that have previously made doing business more complex.
“Businesses should see this as another reminder that international trade is evolving rapidly. Alongside recent agreements with India and other key markets, companies should regularly review where new opportunities are emerging and whether existing barriers have now been reduced.”
William Bain, head of trade policy at the BCC, said: “This is an important upgrade as Switzerland is one of the UK's largest trading partners, especially in services. It will provide welcome certainty for thousands of companies in the legal, financial services, and accounting professions.
“It includes improvements on mobility of staff and allows UK nationals to work in Switzerland for 90 days every year visa-free. The relaxation of the rules around data origin and transfer will also give certainty on the free flow of information which is the lifeblood of international commerce and trade.
“UK firms have frequently told the BCC about the problems of lengthy queues on arrival at the Swiss border since 2021. So, new provisions to allow people from the UK to use e-gates at Swiss airports will be particularly welcome.
“This will make it easier to deepen investment relationships between our two countries. The commitments on no new roaming charges for mobile phones also adds to this being a business-friendly trade deal.
“This is a modern agreement for two outward looking services trading countries. We now need to focus on realising its full potential to raise economic growth and exports."
The trade deal with India strengthens economic ties – already worth £48 billion – between the two countries.
Steve Lynch MBE, director of international trade at the British Chambers of Commerce, said: “It has been a tough few years for UK traders but there is a real buzz among businesses about this deal entering into force. It is a genuinely exciting milestone.
“Trade between our countries is already substantial, and we now have a real opportunity to build further momentum. It is an important new chapter that can bring many more businesses into the relationship and unlock the next wave of trade, investments and partnerships.
“India has shot up the agenda for British businesses, but there is still a significant gap between many SMEs’ interest in the market and their actual exports.
“No free trade agreement is a silver bullet. It will only deliver growth if businesses understand it, use it and have the confidence, capability and connections to turn it into real sales.
“Chambers across the UK and our in-country affiliate, the UK India Business Council, are now starting the real work of turning this policy into practical delivery.
“We are working closely with the Indian High Commission and partners in both countries to develop a UK–India Trade Accelerator. Once established, this will give ambitious firms the market insight, regulatory guidance, trusted relationships and in-market support they need to succeed.
“The real prize sits on top of the 2,000 plus pages in the trade agreement. It is more British businesses exporting to India, building lasting partnerships and converting the enormous potential of the deal into real jobs, investment and growth.”
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