Law360, London (January 25, 2019, 6:15 PM GMT) -- The U.K. has signed a deal with Switzerland to ensure that its £35 billion ($46 billion) insurance industry can continue to trade freely with the single market member after Britain leaves the European Union, the government said Friday.
Chancellor Philip Hammond and Ueli Maurer, president of the Swiss Confederation, penned the agreement at the World Economic Forum in Davos. The deal replicates the bloc’s existing insurance agreement with Switzerland, meaning that relations between the two countries will continue after Brexit.
"Links to financial industries like the Swiss insurance market are important for global financial systems and it's vital that trade continues...
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