On Monday, China and Switzerland officially launched negotiations to upgrade their existing free trade agreement (FTA), aiming to further enhance bilateral trade and investment between the two nations.
The announcement was made during a livestreamed event where Chinese Minister of Commerce Wang Wentao and Guy Parmelin, Swiss Federal Councilor and Head of the Federal Department of Economic Affairs, Education and Research, jointly declared the commencement of the talks.
Minister Wang highlighted the significant role the Sino-Swiss FTA has played since it came into effect a decade ago, stating that it has actively promoted the growth of bilateral trade and brought tangible benefits to enterprises in both countries.
“Upgrading the FTA will help expand bilateral trade and boost two-way investment,” Wang said. “It will elevate economic and trade cooperation between our two countries and demonstrate our support for free trade and openness amid global economic headwinds.”
Councilor Parmelin emphasized the importance of the negotiations in the current global climate, where trade protectionism is on the rise. “It is of great significance that China and Switzerland have initiated FTA upgrade negotiations,” he remarked. “This move shows our commitment to building an open, standardized environment for international economic and trade cooperation. It sends a positive signal that our two countries will deepen cooperation.”
The Sino-Swiss FTA was originally signed in July 2013 and came into effect in July 2014. Over the past ten years, it has facilitated increased trade activity and strengthened economic ties between the Chinese mainland and Switzerland.
Reference(s):
China, Switzerland open talks on free trade agreement upgrade
cgtn.com
