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Last Updated:[27-05-2013 07:06:57 EDT] Zoom in Zoom out Back to Tradenews

China Goes Global- Signs Free Trade Deal with Switzerland

tradenews In a move that is seen as China’s attempt to cosy upto the more influential Western economies; the communist state has signed a multifaceted free trade deal with Switzerland. Currently, trade between the two countries amounts to $26 billion and predominantly features dairy products, watches, textiles and medicines. This deal adds a brighter feather to an already impressive trade relationship- China is already Switzerland’s third biggest trading partner behind the EU and America.

This historic agreement was signed recently during the Chinese Premier Li Keqiang’s trip to Switzerland. Described by Swiss President Ueli Maurer as a concrete milestone, the deal justifies China’s recent stand to elevate Switzerland as its financial center of choice in Europe. China plans to export more agricultural products and textiles to Switzerland while the Swiss industry experts are hopeful that its dominant ‘watch’ exports to China will attract decremented import duties of upto 12% (as against the earlier 16%), thanks to this free trade agreement.

The improving trade relations will have huge ramifications for both China and Switzerland. Thus, it came as no surprise that Chinese Premier Li Keqiang chose Switzerland as the first stop on his brief European tour that also sees him visit Germany next. China sees Switzerland as a competent trade ally and is looking strong to offset the EU and America as the leading trade partner in the immediate future. This free trade deal is the first of its kind between China and a major European economy, and the first such deal with one of the 20 leading economies on the planet. Currently, the deal is in its preliminary stages and will be effective once it is approved by the dual chambers of the Swiss Parliament.

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