Following the EU’s decision to force the United Kingdom out of a fundamental treaty, Switzerland has been warned that it will retaliate.
A Government trade expert told This website that the EU needs to be careful because countries like Switzerland may “react” if the bloc continues to throw off Britain for the sake of it.
Prime Minister Boris Johnson had to petition the EU for approval to rejoin an international treaty after Britain officially exited the transition phase in January, or risk destroying a multibillion-pound legal services business. The Lugano Convention is the name of the accord, and its implications are essentially the same as the 2001 Brussels Regulation. It addresses issues of jurisdiction and judgment enforcement between EU member states and EFTA nations other than Liechtenstein (namely Iceland, Switzerland and Norway).
Because of England’s world-class legal system and courts, London is considered as the global capital for international conflict resolution.
Failure to rejoin the Lugano Convention on a long-term basis could seriously harm the UK’s world-leading legal services business, as well as cause problems for huge corporations.
As a result of Brexit, the United Kingdom left the pact and asked to rejoin in April 2020.
The European Commission has now advised that the EU decline this request since it requires the unanimous consent of all other contracting parties to the Convention.
It stated that the European Union was “not in a position” to approve UK membership.
The EFTA countries, on the other hand, do not share the EU’s viewpoint and have shown to be much more accepting.
Switzerland approved to the UK being requested to deposit its instrument of accession to the Lugano Convention, according to a letter issued by the Swiss Federal Department of Foreign Affairs in March 2021.
“Switzerland welcomes the United Kingdom (UKintention )’s to accede to the Convention on jurisdiction, the recognition and enforcement of judgments in civil and commercial matters (the ‘Lugano Convention 2007′) and will support a request for accession from the UK,” the letter reads.
“I believe the EU must be cautious, particularly with regard to the EFTA countries and Switzerland, since their actions may push them away,” he stated.
“For the most part, Switzerland.”Brinkwire Summary News”.