China and Switzerland signed a free trade agreement, on July 6, 2013.
China and Switzerland have inked a free trade agreement (FTA), marking the Asian giantâ„¢s first such pact with a continental European economy.
On Saturday, Chinese Commerce Minister Gao Hucheng and Swiss Economy Minister Johann Schneider-Ammann signed the agreement at the Commerce Ministry in Beijing.
The countries reached the agreement after more than two years of negotiations. It aims to increase the $26.3 billion in bilateral trade they recorded in 2012.
“This free trade agreement has an important significance for the relationship between the two countries,” said Schneider-Ammann after signing the deal.
“It’s absolutely important that the bigger economies find ways to keep open their markets because (the) more open the global market… the better the chances to do business,” he said.He added, Å“We get a chance to spread out the risk of the Swiss economy a little bit over the borders of our European neighborhood.”
Switzerland and China had sealed the framework of the agreement in May when China’s Prime Minister Li Keqiang paid a visit to the landlocked European nation.
The deal still needs to be approved by the Swiss parliament before it can take effect.
According to the World Bank, China is the world’s second-biggest economy. Switzerland also ranked as the world’s 19th-largest economy in 2012.
After the European Union and the US, China is Switzerland’s third-biggest trading partner.
Bilateral trade between China and Switzerland mainly includes imports and exports of watches, medicines, textiles, and dairy products.
IA/HN
Republished with permission from: Press TV