China, Switzerland upgrade free trade agreement

Chinese Minister of Commerce Wang Wentao visited Switzerland, and the two sides completed the upgrade negotiations for their free trade agreement. Almost all Swiss goods exported to China will be exempted from tariffs.

Wang Wentao met with Swiss Federal President Parmelin in Bern on Thursday.

Te two sides signed a memorandum of understanding, and jointly announced the completion of the upgrade negotiations for the

free trade agreement.

Wang stated Switzerland is an important

cooperative partner of China, with both sides committed to further higher-level two-way opening up across multiple sectors to create new opportunities.

Parmelin stated the upgraded agreement is an important milestone in the relationship between Switzerland and China, sending a positive signal that both sides are promoting cooperation and free trade.

According to Reuters, based on the existing agreement, about half of Switzerland's exports could originally enter the Chinese market duty-free. After the upgrade, 99.8% of Swiss goods will be exempt from tariffs.