China, Switzerland sign free trade deal
July 7, 2013, Sunday
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Print Edition
Print Edition
CHINA and Switzerland yesterday signed a free trade agreement - Beijing's first in continental Europe - in a deal that comes against a backdrop of trade tensions between the world's second largest economy and the European Union.
Chinese Commerce Minister Gao Hucheng and Swiss Economy Minister Johann Schneider-Ammann inked the accord in a ceremony at the commerce ministry in Beijing.
The two exchanged US$26.3 billion in goods last year.
Gao said it would promote trade cooperation with Europe.
"China should try to sign similar agreements with other countries in Europe, even the European Union," he added.
Switzerland was the world's 19th largest economy in 2012, according to the World Bank.
Fiercely independent Switzerland is not a member of the EU and waited decades before it joined the United Nations.
Nonetheless, it is an economic heavyweight known for its financial services, pharmaceuticals and luxury goods such as watches. Switzerland mainly sells watches, pharmaceuticals, chemicals and machinery to China, which ships mostly textiles and machinery back to Switzerland.
In an interview with Swiss paper Neue Zuercher Zeitung, Schneider-Ammann said tariffs imposed on luxury watches could fall by 60 percent, while Switzerland will remove similar taxes on Chinese textiles and shoes.
According to Xinhua news agency, as much as 99.7 percent of Chinese exports to Switzerland will be immediately exempted from tariffs, while 84.2 percent of Swiss exports to China will eventually receive zero tariffs.
The scope of tariff reductions under the deal, which will cover 99.99 percent of Swiss exports to China and 96.5 percent of Chinese exports to Switzerland, exceeded the 90 percent level of an average FTA, Gao said.
Switzerland had a US$22.8 billion trade surplus with China in 2012. China signed a FTA with Iceland in April.
Chinese Commerce Minister Gao Hucheng and Swiss Economy Minister Johann Schneider-Ammann inked the accord in a ceremony at the commerce ministry in Beijing.
The two exchanged US$26.3 billion in goods last year.
Gao said it would promote trade cooperation with Europe.
"China should try to sign similar agreements with other countries in Europe, even the European Union," he added.
Switzerland was the world's 19th largest economy in 2012, according to the World Bank.
Fiercely independent Switzerland is not a member of the EU and waited decades before it joined the United Nations.
Nonetheless, it is an economic heavyweight known for its financial services, pharmaceuticals and luxury goods such as watches. Switzerland mainly sells watches, pharmaceuticals, chemicals and machinery to China, which ships mostly textiles and machinery back to Switzerland.
In an interview with Swiss paper Neue Zuercher Zeitung, Schneider-Ammann said tariffs imposed on luxury watches could fall by 60 percent, while Switzerland will remove similar taxes on Chinese textiles and shoes.
According to Xinhua news agency, as much as 99.7 percent of Chinese exports to Switzerland will be immediately exempted from tariffs, while 84.2 percent of Swiss exports to China will eventually receive zero tariffs.
The scope of tariff reductions under the deal, which will cover 99.99 percent of Swiss exports to China and 96.5 percent of Chinese exports to Switzerland, exceeded the 90 percent level of an average FTA, Gao said.
Switzerland had a US$22.8 billion trade surplus with China in 2012. China signed a FTA with Iceland in April.
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