At the beginning of July last year, an agreement between the two countries was signed in Beijing. Switzerland was represented by the economy minister Johann Schneider-Ammann and the commerce minister Gao Hucheng signed the agreement on behalf of China.
The Agreement came into force at the beginning of July this year and it is understood that the agreement will allow Swiss exporters better market access when compared to the rest of the European Union.
According to the agreement, Switzerland will ultimately implement zero tariffs on 99.7 per cent of Chinese exports and likewise, China will implement zero tariffs for 84.2 per cent of Swiss exports.
The Peoples’ Republic of China is one of the three most important trade partners for Switzerland, after the EU and the United States. China is Asia’s largest market for Swiss industrial products. Last year, the total trade between the two countries amounted to over USD22.5 billion in 2013.