Exciting news in the global trade arena! 🇨🇳🇨🇭 China and Switzerland have officially signed a memorandum of understanding to kick off negotiations aimed at upgrading their Free Trade Agreement (FTA) as soon as possible. This move is set to supercharge their already strong economic ties and drive further growth in trade and investment.
Chinese Commerce Minister Wang Wentao and Swiss Federal Councilor Guy Parmelin met on Monday to discuss the robust development of economic and trade relations between the two nations. Wang emphasized the close economic ties and the positive impact the bilateral FTA has had over the past decade, boosting trade volumes and fostering a collaborative investment environment.
Switzerland plays a crucial role as China's sixth-largest trading partner in Europe, while China stands as Switzerland's largest trading partner in Asia. In 2023 alone, the trade volume between the two countries reached a whopping $59.5 billion, with imports from Switzerland soaring to $53.76 billion. The first two months of this year saw a staggering 90.3% year-on-year increase in trade, reaching $16.76 billion!
Wang called for swift negotiations to enhance the quality of bilateral economic cooperation and urged Switzerland to uphold free trade principles, oppose protectionism, and maintain a fair and open investment environment for Chinese businesses. Parmelin echoed these sentiments, highlighting Switzerland's dedication to an open economy and its willingness to strengthen cooperation with China in areas like regulatory policies and intellectual property protection.
The meeting was attended by nearly 30 representatives from Swiss business associations and major companies, including Nestle, Novartis, and Glencore, showcasing the strong support from the Swiss business community for the FTA upgrade.
Stay tuned for more updates as China and Switzerland work together to create an even more dynamic and mutually beneficial trade partnership! 🚀✨
