(MENAFN) Britain has signed a trade deal with Switzerland, allowing businesses to continue trading freely after Britain leaves the European Union (EU).
The trade continuity agreement, repeating current EU-Switzerland arrangements as far as possible, will come into effect in January 2021 when the transition period ends as set in the Brexit departure deal, or on March 29 this year if the Britain leaves the EU without a deal.
As an EU member, Britain benefits from around 40 EU trade agreements that cover over 70 countries. In the countdown to Brexit, Britain has attempted to replicate such deals to prepare for its departure from the EU.
Its continuity agreement with Switzerland is perceived as the biggest one so far as Switzerland is Britain's third largest non-EU market.