China, Switzerland complete negotiations on free trade agreement upgrade

China and Switzerland have completed negotiations on an upgraded free trade agreement (FTA) and signed a memorandum of understanding on Thursday.

Swiss Federal President and Minister for Economic Affairs, Education and Research Guy Parmelin and Chinese Commerce Minister Wang Wentao announced the conclusion of the talks after a meeting in Bern.

China and Switzerland have pledged to further open their markets to each other in areas including goods, services, investment and rules, creating new opportunities for bilateral economic and trade cooperation, Wang said.

Switzerland has been an important partner for China and has consistently been at the forefront of cooperation with China, Wang said, adding that amid growing uncertainty in the global environment, the commitment also demonstrates the two countries' support for free trade and their choice to pursue greater certainty.

China's Ministry of Commerce is ready to work with Switzerland's Federal Department of Economic Affairs, Education and Research to implement the important consensus reached by the two countries' leaders, complete the formal signing and implementation of the upgraded free trade agreement as soon as possible, and further strengthen bilateral economic and trade ties, Wang said.

Parmelin said the Swiss government and business community attach great importance to economic and trade cooperation with China. Switzerland is ready to use the upgraded FTA to expand trade and investment ties with China, deepen cooperation in innovation, and continue to provide Chinese companies with an open, fair and non-discriminatory business environment, he said.

The China-Switzerland free trade agreement was signed in July 2013 and took effect a year later, becoming China's first FTA with a country in continental Europe. With the upgrade talks now concluded, both sides will move ahead with the necessary domestic procedures before formally signing the upgraded agreement.