China, Switzerland strengthen ties by upgrading FTA deal
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China, Switzerland strengthen ties by upgrading FTA deal
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It's a relationship that's stood the test of time. Switzerland was the first country in continental Europe to sign a Free Trade Agreement with China. Now, the clocks have moved 12 years forward, and the deal is being strengthened. Swiss-made watches among the goods that will be exempt from tariffs when they're exported to China.
Under the existing deal, about half of Swiss exports are granted duty-free access to China. That will increase to nearly one hundred percent under the new agreement, with pharmaceuticals and machinery among the goods and products to benefit.
Services, investment and market access are also covered, giving Swiss companies more opportunities to do business there.
China is one of Switzerland's most important trading partners outside the European Union, and the revised deal comes as both sides look to strengthen economic ties.
The upgraded deal still needs legal review and domestic approval before it can take effect.
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Under the existing deal, about half of Swiss exports are granted duty-free access to China. That will increase to nearly one hundred percent under the new agreement, with pharmaceuticals and machinery among the goods and products to benefit.
Services, investment and market access are also covered, giving Swiss companies more opportunities to do business there.
China is one of Switzerland's most important trading partners outside the European Union, and the revised deal comes as both sides look to strengthen economic ties.
The upgraded deal still needs legal review and domestic approval before it can take effect.
__________________
ShanghaiEye focuses on producing top-quality contents.
Nobody knows SHANGHAI better than us.
Please subscribe to us ☻☻☻
__________________
For more stories, please click
■ What's up today in Shanghai, the most updated news of the city
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MNjpE4hspSVry8dR555getN
■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MMVTWr-zIXjsS4hhSQPmyes
■ What Chinese people's lives are like during the post COVID-19 period
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MPrPTmIirpfgETu6VKVESXe
■ Views of foreign scholars on China and its affairs
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MO9ua_nSK6slRPdUl-ovjRe
■ Foreign faces in Shanghai, people living in this city sharing their true feelings
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MP0vJDSw23_1MCPJhAfGbiG
■ Mini-docs showing why China is the country it is today
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MOreRu2AbZ3ziIUyCcdBLwX
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