Britain and Switzerland unveiled a post-Brexit financial services agreement on Thursday, aimed at making it easier for corporates and wealthy people in the two countries to do business together.

The deal, formally known as the Bern Financial Services Agreement, will see the two countries mutually recognize each other’s domestic laws and regulations on financial services.

The UK Finance Ministry said this would enable “frictionless, cross-border provision of financial services” between the two countries in areas such as asset management, banking and investment services.

“The Bern Financial Services Agreement is a global first and builds on the strengths of the UK and Switzerland as the world’s two largest financial centres,” said UK Finance Minister Jeremy Hunt.

“It cements open access to financial services between our two countries for decades to come, helps us grow our economy and serves as a blueprint for future agreements with other major trading partners.” Is.”

SOurce: Business News