Switzerland Hails Chinese Free Trade Pact

The Comprehensive FTA (Free Trade Agreement) between Switzerland and China entered into force on July 1, 2014, and it is recognised as the second most important foreign trade agreement concluded by Switzerland after the 1972’s one with the European Union. The treaty was signed by the two Governments in Beijing on July 6, 2013, and provides that Switzerland will ultimately implement zero tariffs on 99.7% of Chinese export. On the other hand, China will do likewise for 84.2% of Swiss exports.

The FTA provides business in both territories with legal certainty in bilateral economic and fiscal relations.

Thanks to this deal, Switzerland has become, behind the EU and the US, the third most important Chinese trade partner in terms of investment and trade ties. China is now the largest market for Swiss industrial products in Asia: in 2013 the total trade between the two countries was over CHF20 billions.

#freetradeagreement #switzerland #china #tariff #trade

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