Deal reached to scrap nearly all tariffs on Swiss exports to China

China and Switzerland upgrade negotiations for their free trade agreement. Almost all Swiss goods exported to China will be exempt from duties.

Chinese Minister of Commerce Wang Wentao met with Swiss Federal President Guy Parmelin in Bern on Thursday to sign a Memorandum of Understanding, and jointly announced the completion of the upgrade negotiations for the free trade agreement.

Wang says 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 says 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.