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The deal reflects neutral Switzerland's "mind the gap" strategy
of ensuring seamless trade ties with Britain that are now
largely based on the UK's membership in the European Union,
which is due to end on March 29.
The Swiss cabinet signed off on a text that serves as a basis
for future trade links and guarantees as far as possible
continuation of the current regime. It also foresees more talks
on developing future bilateral ties.
"If the transition period between the EU and the UK comes into
effect on March 29 next year, the bilateral agreements between
Switzerland and the EU will continue to apply between
Switzerland and the UK," a government statement said.
Under this scenario, the text will serve as a basis for Swiss-UK
relations after Britain's post-Brexit transition period expires
at the end of 2020.
Should Britain leave the EU under a different, "no-deal"
scenario, the agreement "makes it possible to replicate in
substance the vast majority of trade agreements that currently
regulate relations between Switzerland and the UK".
Swiss parliamentary committees still need to approve the
agreement, which could take force the day Britain leaves the EU.
Switzerland last year exported 11.4 billion Swiss francs ($11.43
billion) worth of exports to Britain, which is also its
eighth-largest supplier with imports worth 6.1 billion francs.
Switzerland is still wrangling over its own ties with the EU,
its biggest trading partner. The European Commission decided
this week to offer Bern six additional months to agree on a new
treaty that will govern relations, two EU sources told Reuters.
(Reporting by Michael Shields; editing by Thomas Seythal and
Mark Heinrich)
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