(ECNS) -- More than 99% of imports on both sides will ultimately be tariff-free under an upgraded China-Switzerland free trade agreement, Ministry of Commerce spokesperson Huang Ling said Thursday.
Chinese Commerce Minister Wang Wentao and Swiss President Guy Parmelin announced the completion of negotiations in Bern last week and signed a memorandum of understanding. The upgrade also covers rules of origin, trade facilitation and cooperation on standards and conformity assessment.
In services and investment, both sides pledged further market opening commitments to provide broader access and a more stable, transparent business environment.
They also agreed to deepen cooperation in areas including digital trade, AI, sustainable development, supply chains, pharmaceuticals, machinery and watchmaking. Domestic procedures are being completed before the protocol is formally signed.
(By Helen Mo, intern Yang Hongran)
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