The harmonisation of Swiss financial rules with updates from the European Union has proved tedious in recent years. Political tensions between the two sides have not helped her, including by deciding by Swiss voters to limit immigration in a referendum in 2014 – a topic that will return to the polls at the end of this month. The financial services agreement will be discussed at the next financial dialogue between Ukraine and Switzerland on 8 September 2020. This meeting will be followed by a commitment: a commitment has been signed on that date, 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. An agreement should be reached after a period of negotiation. This will be completed by the end of the Brexit transition period (31 December 2020). The United Kingdom (United Kingdom) is an important economic and political partner of Switzerland. Relations between the two countries are also close in the financial sector.
The two countries conduct regular financial dialogues in order to establish and maintain privileged contacts with the relevant financial authorities. Today`s commitment is a concrete example of the Chancellor`s strategy to consolidate London`s role as an international financial centre and to ensure that the UK remains a global example of excellence in financial services regulation. It is part of HMT`s broader international strategy for financial services, which includes an ambitious trade policy under the UK Free Trade Agreement and strengthening relations with the fast-growing markets in the East. International cooperation between the UK and Switzerland will intensify in order to design and implement international standards and to highlight the use of technology in financial services. The commitment signed between the United Kingdom and Switzerland is an example that paves the way for an ambitious agreement on financial services.