Switzerland and the European Union on Friday unveiled a deal to carry out the biggest overhaul of their trade ties in years, overcoming Swiss concerns about immigration and setting the scene for a fraught and lengthy approval process.

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.

European Commission President Ursula von der Leyen announced on Friday the conclusion of years-long negotations on a future cooperation agreement with Switzerland. Von der Leyen described the agreement between the European Union and Switzerland as "historic" while speaking alongside Swiss President Viola Amherd at a press conference in Bern.

Switzerland and the EU have reached a deal to deepen their long-standing economic and political ties after almost a decade of difficult talks, complicated by disputes over immigration. The Alpine country would increase access to the EU single market that surrounds it,

The European Union and Switzerland are "very close" to finalising a new agreement to overhaul their trade relationship, a senior EU official said on Thursday.