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Uk Swiss Mutual Recognition Agreement

This commitment sets out the common goal of the UK and Switzerland to negotiate a results-oriented agreement on the mutual recognition of financial services, which will strengthen cooperation and trust between the two countries. This will reduce costs and barriers for UK companies in accessing the Swiss market and vice versa, and will cover a wide range of sectors. On 30 June 2020, the Chancellor of the Échelier for Great Britain and his Swiss counterparts signed a commitment to draw up an international agreement on financial services. The agreement will facilitate the provision of cross-border financial services. Mutual Recognition Agreements (MRAs) promote trade in goods between the European Union and third countries and facilitate market access. These are bilateral agreements designed to benefit industry by facilitating access to conformity assessment. Mutual recognition agreements define the conditions under which one Party (third country) accepts the results of conformity assessment (e..B g. tests or certifications) carried out by conformity assessment bodies designated by the other Party (the EU) in order to demonstrate compliance with the requirements of the first Party (third country) and vice versa. The Johnson government has moved away from these approaches. In its proposal for a Comprehensive Free Trade Agreement with the EU, the UK proposes an agreement on the mutual recognition of conformity assessment, “compatible” with the provisions of the EU-Canada agreement. It also proposes a separate agreement on the certification of marine equipment, “similar” to the EU`s agreement with the US. Parties to an MRA are not obliged to change their technical rules, which is why the UK government now offers SARs for conformity assessment under its new trade agreements. Talks between the UK and Turkey for a trade deal have gained momentum since the UK left the EU at the end of 2019, the deal has yet to be reached, but it is said that the two nations are close to reaching an agreement.

The MRA with Israel is a Compliant Industrial Product Evaluation and Acceptance Agreement (ACAA). This is a specific type of MRA based on the alignment of the legal system and infrastructure of the country concerned with that of the EU. The United Kingdom is an important economic partner for Switzerland. At present, most relations between Switzerland and the United Kingdom are governed by bilateral agreements with the European Union (EU). The Withdrawal Agreement between the UK and the EU grants a transitional period between the withdrawal date and at least 31 December 2020. During this transitional period, the United Kingdom remains a member of the European internal market and the customs union. The terms of the bilateral agreements between Switzerland and the EU continue to apply to relations between Switzerland and the United Kingdom. The bilateral agreement on financial services between the United Kingdom and Switzerland aims to strengthen cooperation and trust by facilitating access to the Swiss market for British companies and vice versa. By working on bilateral agreements with European and African nations, it is clear that Britain hopes to consolidate its role as an important financial centre after Brexit. Mutual recognition of the rules has been put at stake by the UK government in the Brexit negotiations, notably in Theresa May`s Florence speech and as an option for future regulation of financial services, but rejected by the EU.

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