12:28

Liam Fox, the secretary of state for international trade, has announced the UK has reached an agreement for a transitional trade deal with Switzerland to allow it to continue trading freely after Brexit.

It is one of 40 “continuity” agreements he is seeking to strike with countries that currently trade with the UK through an EU agreement.



The deals will need to be ratified by parliament and would kick in in the event of no deal or an orderly exit from the bloc.

“This is one of the most significant existing trade agreements, with British companies exporting £19bn worth of goods and services last year and it will provide the certainty that businesses need to continue trading freely,” said Fox.

He said “many other agreements are also close to being agreed” and would come into effect as soon as the implementation period ended in January 2021 or on 29 March 2019 if the UK leaves the EU without a deal.

“It is a vital part of our no deal planning and it means that businesses and consumers can continue to benefit from our close trading relationships with the world beyond the European Union.”

The UK operates a trade surplus with Switzerland, with exports worth £19.04bn last year, with jewellery, precious stones and metal accounting for just over £10bn.