Today`s agreement focuses on our vision of the global economy as open, global and free – a vision shared by Switzerland with our long history of trade and finance. What kind of mutual recognition agreements has the EU concluded? In addition to the trade agreement, Switzerland has agreements with the United Kingdom on air transport, insurance, transport and citizens` rights, and the coordination of social security systems as part of its “Spirit the Breach” strategy. There is also a temporary agreement between the two countries to ensure access to their respective labour markets. For more information, click here: The commitment describes the common goal of the UK and Switzerland to negotiate a results-based mutual recognition agreement for financial services, which will strengthen cooperation and trust between the two countries. This will reduce costs and barriers for UK companies with access to the Swiss market, and vice versa, and cover a wide range of sectors. However, recent free trade agreements indicate a change in approach and acceptance of “traditional” MMAs. For example, Article 4.6 and Article 7.21, paragraph 4, of the EU-Korea Free Trade Agreement provide for the negotiation of mutual recognition of the assessment of the compliance of goods and services. By granting mutual recognition of products covered by free trade agreements with Canada and Korea, but which refuse to give the same treatment to products originating in the United Kingdom, the EU could violate WTO legislation. 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 mutual recognition of compliance assessment that is “consistent” with the provisions of the EU agreement with Canada. A separate agreement on the certification of marine equipment is also proposed as part of the agreement between the EU and the United States.
Mutual recognition agreements (MRAs) are agreements between two trading partners aimed at reducing technical barriers to trade. They are one of the themes covered in the trade negotiations between the UK and the EU. In the Brexit negotiations, the UK government called for mutual recognition of the rules, including in Theresa May`s florence speech and as an option for future regulation of financial services, but refused by the EU. 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. Trade agreements are trade agreements designed to facilitate market access and promote greater international harmonization of compliance standards while protecting consumer safety. Each of these points is taken into account during the negotiations and the two nations are working on an agreement. As the Brexit transition period draws to a close in December 2020, the UK government is actively working to secure international agreements that will help make Britain an important financial centre after leaving the European Union. On 30 June 2020, the Chancellor of the Exchequer and his Swiss counterpart signed a commitment to develop an international agreement on financial services. The agreement will facilitate the provision of cross-border financial services.
The EU internal market is the most comprehensive version of mutual recognition between trading partners. According to the Dijon Cassis principle, a product that can be legally sold in one Member State can be legally sold in any other Member State, even if the rules are not harmonised. The UK document reaffirms the importance of regulatory autonomy – “respect for the regulatory law of each party” – but also follows earlier considerations by proposing that the agreement “creates a framework for both parties to require the other to consider its technical regulation as equivalent to its own regulation.” A results-based mutual recognition agreement will improve cooperation between the UK and Switzerland by reducing costs and barriers to cross-border trade with financial countries.