In a significant move to bolster bilateral trade relations, China and Switzerland have agreed to initiate negotiations to upgrade their free trade agreement (FTA) as soon as possible. The agreement came after a meeting on Monday between Chinese Commerce Minister Wang Wentao and Swiss Federal Councilor Guy Parmelin, who also heads the Federal Department of Economic Affairs, Education and Research.
The two officials discussed the robust development of economic and trade relations between China and Switzerland. Minister Wang highlighted the close economic ties and strong complementarity between the two nations, emphasizing the positive impact of the bilateral FTA over the past decade on trade and investment growth.
“China is willing to work with Switzerland to implement the important economic and trade consensus reached by our leaders,” Wang stated. He called for the swift initiation of negotiations to upgrade the FTA, aiming to enhance the quality of bilateral economic cooperation.
Wang also urged Switzerland to uphold the principles of free trade, oppose protectionism and unilateralism, and continue providing a fair and open investment environment for Chinese enterprises.
Councilor Parmelin acknowledged China as one of Switzerland’s most important trading partners and praised the positive role of the FTA. He conveyed the Swiss business community’s anticipation for the upgrade, stating that “Switzerland, as an open economy, consistently opposes protectionism and restrictions on trade cooperation.”
Parmelin expressed Switzerland’s willingness to strengthen cooperation with China in regulatory policies and intellectual property protection to create a fair and non-discriminatory business environment.
The meeting was attended by nearly 30 representatives from Swiss business associations, including the Swiss Business Federation, Swissmem, and the Federation of the Swiss Watch Industry, as well as companies such as Nestlé, Novartis, and Glencore.
Switzerland is China’s sixth-largest trading partner in Europe, while China stands as Switzerland’s largest trading partner in Asia. In 2023, the trade volume between the two countries reached $59.5 billion, with China’s exports to Switzerland amounting to $5.74 billion and imports from Switzerland totaling $53.76 billion. Trade between the two countries surged to $16.76 billion during the first two months of this year, marking a 90.3 percent increase year on year, according to official data.
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China, Switzerland to start talks for FTA upgrade as soon as possible
cgtn.com
