The UK has signed a deal with Switzerland that makes it easier for UK and Swiss financial firms to deal with each other.
Chancellor Jeremy Hunt, who is in Switzerland to sign the agreement, said it was "a global first that builds on the UK and Switzerland’s strengths as two of the world’s largest financial centres”.
Trade in financial services between the UK and Switzerland is worth more £3 billion and the government is hoping that the Berne Financial Services Agreement will help that figure grow.
The deal means that Switzerland and the UK will recognise and accept each other's regulations.
It goes further than the relationship that both the UK and the Swiss have with the European Union.
Hunt insisted that the agreement was only made possible by the UK being outside the EU.