China-Switzerland FTA

CNC reort from Switzerland
Added On July 8, 2013

China and Switzerland sealed a free trade agreement on Saturday.

Chinese Premier Li Keqiang said the new FTA has set a positive example for China-Europe cooperation.

Li met with Swiss Federal Councillor and head of the Swiss Federal Department of Economic Affairs Johann Schneider-Ammann on Saturday.

Both of them hail the new agreement as a milestone in China-Switzerland relations.

Li said advancing freedom and convenience in trade and investment could be "a good remedy" for the difficult recovery of the global economy.

Schneider-Ammann said Switzerland will grasp opportunities arising from the pact to upgrade the cooperation of the two countries.

The free trade agreement exempts almost all Chinese export to Switzerland from tariffs, while more than 84 percent of Switzerland's goods sold to China will enjoy zero tariffs.

China is Switzerland's largest trading partner in Asia, while Switzerland is China's eighth-largest trading partner in Europe, according to official Chinese data.

Luzius Wasescha, a special advisor to the Swiss Foreign Ministry, said the economies of China and Switzerland are complementary to each other.

SOUNDBITE (ENGLISH) LUZIUS WASESCHA, Advisor to Swiss Foreign Ministry:
"We are very complementary, Switzerland's economy is basically based on innovation, and it is new forms of exchanges where you have value chains, I think your opportunities for smaller and minimum size enterprises in Switzerland, absolutely high-tech and sophisticated to work with Chinese group is a great opportunity here as well to create big diversity."