China, Switzerland announce completion of FTA upgrade negotiations

China and Switzerland on Thursday (Swiss time) announced the completion of the upgrade negotiations for the China-Switzerland free trade agreement (FTA) and signed a Memorandum of Understanding, according to a statement on China's Ministry of Commerce (MOFCOM) website on Friday.

Amid international environment full of uncertainties, this demonstrates the two sides' clear commitment to choosing certainty and supporting free trade, Chinese Commerce Minister Wang Wentao said during a meeting with Guy Parmelin, president of the Swiss Confederation and head of the Federal Department of Economic Affairs, Education and Research, in Bern, capital of Switzerland, on Thursday, according to the statement.

The two sides launched FTA upgrade negotiations in September 2024. Thanks to their joint efforts and five rounds of consultations, the upgrade negotiations have been successfully concluded. The two sides committed to achieving higher-standard two-way opening in goods, services, investment, rules and other areas, which will create new opportunities for bilateral economic and trade cooperation, according to the MOFCOM.

Wang said Switzerland is an important cooperation partner of China, and its cooperation with China has always been at the forefront. This year marks the start of China's 15th Five-Year Plan and the 10th anniversary of the China-Switzerland innovative strategic partnership. The MOFCOM is ready to work with the Federal Department of Economic Affairs, Education and Research to implement the important consensus of the two countries' leaders, finalize and implement the upgraded agreement as soon as possible, promote the qualitative upgrade of bilateral economic and trade relations, and better benefit the enterprises and people of both countries.

Parmelin said that Switzerland and China enjoy close cooperation and vibrant economic and trade relations, and the Swiss government and business community attach great importance to economic and trade cooperation with China.

The FTA has played an important role in bilateral cooperation. The successful upgrade of the agreement is another important milestone in the development of bilateral relations. It will provide more stable, transparent and predictable institutional guarantees for the long-term development of enterprises of both countries, and send a positive signal that the two sides are advancing open cooperation, free trade, and the maintenance of a rules-based international economic and trade environment, Parmelin said.

Switzerland is ready to take the FTA upgrade as an opportunity to continuously expand trade and investment cooperation with China, deepen the innovative strategic partnership, and continue to provide Chinese enterprises operating in Switzerland with an open, fair and non-discriminatory business environment.

The China-Switzerland FTA was signed in July 2013 and entered into force in July 2014. It was the first FTA that China signed with a continental European country. Following the completion of this upgrade negotiation, the two sides will expedite their respective domestic procedures so that the upgrade protocol can be formally signed at an early date.