China and Switzerland have officially agreed to begin negotiations to upgrade their existing Free Trade Agreement (FTA) as soon as possible, following the signing of a memorandum of understanding on Monday, according to the Chinese Ministry of Commerce.
Chinese Commerce Minister Wang Wentao met with Swiss Federal Councilor Guy Parmelin, who also heads the Federal Department of Economic Affairs, Education and Research. The discussions focused on the strong economic and trade relations between the two nations and the significant role the current FTA has played in fostering trade and investment growth over the past decade.
Minister Wang emphasized the close economic ties and complementary strengths of China and Switzerland. He expressed China's commitment to working collaboratively with Switzerland to advance the economic and trade consensus established by their respective leaders.
Wang called for the swift initiation of negotiations to enhance the FTA, aiming to improve the quality of bilateral economic cooperation. He also urged Switzerland to uphold free trade principles, reject protectionism and unilateralism, and continue providing a fair and open investment environment for Chinese businesses.
Swiss Federal Councilor Parmelin acknowledged China's importance as one of Switzerland's top trading partners. He praised the positive impact of the current FTA and conveyed the Swiss business community's eagerness for its upgrade. Parmelin highlighted Switzerland's consistent opposition to protectionism and its willingness to strengthen cooperation with China in areas like regulatory policies and intellectual property protection to ensure a fair 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 like Nestle, Novartis, and Glencore.
Switzerland ranks as China's sixth-largest trading partner in Europe, while China is Switzerland's largest trading partner in Asia. In 2023, bilateral trade reached $59.5 billion, with Chinese exports to Switzerland totaling $5.74 billion and imports from Switzerland amounting to $53.76 billion. Notably, trade between the two countries surged by 90.3 percent year-on-year during the first two months of the year, reaching $16.76 billion.
Reference(s):
China, Switzerland to start talks for FTA upgrade as soon as possible
cgtn.com
