Switzerland and the European Union said on Friday they had reached a deal to strengthen their trade ties, overcoming Swiss concerns about immigration and opening the door for the biggest overhaul of bilateral relations in years.

Switzerland and the EU on Friday announced the conclusion of negotiations on a comprehensive bilateral agreement aimed at deepening their cooperation across a range of fields.

Switzerland and the European Union agreed on a deal to ensure the country’s access to the bloc’s single market, hitting an unofficial end-of-year deadline after lengthy and intense talks.

After four years of waiting, Switzerland has finally agreed a deal with Brussels that will allow its researchers to participate as equals in the EU’s Horizon Europe research and innovation programme.

The European Union and Switzerland - the bloc's fourth largest export market - reached a political deal on Friday to overhaul their trade ties, setting in motion a lengthy approval process. The two hope to formally conclude their negotiation in the spring after which the package of measures faces parliamentary hurdles and a likely referendum in Switzerland.