China and Switzerland have completed negotiations to modernize the free trade agreement, and on Thursday, they signed a memorandum of understanding accordingly. The conclusion of the talks was announced in Bern by Swiss Federal President and Minister of Economic Affairs, Education and Research Guy Parmelin and Chinese Minister of Commerce Wang Wentao.
Wang Wentao stated that China and Switzerland are committed to further opening their markets in areas such as goods, services, investment, and regulations. According to him, this will create new opportunities for economic and trade cooperation between the two countries.
The Chinese Minister of Commerce emphasized that Switzerland is an important partner for China and has long been among the countries at the forefront of cooperation with China. He added that in a time of increasing global uncertainty, this commitment demonstrates both countries' support for free trade and their efforts to strive for greater certainty.
Wang Wentao also stated that the Chinese Ministry of Commerce is ready to cooperate with the Swiss Federal Department of Economic Affairs, Education and Research. The goal is to implement the important consensus reached by the leaders of both countries as soon as possible, complete the formal signing and implementation of the modernized free trade agreement, and further strengthen bilateral economic and trade ties.
Guy Parmelin stated that the Swiss government and business community attach great importance to economic and trade cooperation with China. According to him, Switzerland is ready to use the modernized free trade agreement to expand trade and investment relations with China, deepen cooperation in the field of innovation, and continue to provide an open, fair, and non-discriminatory business environment for Chinese companies.
The free trade agreement between China and Switzerland was signed in July 2013 and came into effect a year later. It became the first free trade agreement that China concluded with a country in continental Europe.
Following the completion of negotiations on its modernization, both sides will now proceed with the necessary domestic procedures before the formal signing of the updated agreement.
gnews.cz/CMG