Switzerland: China, Switzerland strengthen ties by upgrading FTA deal.

Storyline China, Switzerland strengthen ties by upgrading FTA deal It's a relationship that's stood the test of time. Switzerland was the first country in continental Europe to sign a Free Trade Agreement with China. Now, the clocks have moved 12 years forward, and the deal is being strengthened. Swiss-made watches among the goods that will be exempt from tariffs when they're exported to China. Meng Ling, General Manager, Switzerland & EU, China Integrated: "[For] some sectors, the change is quite big. For instance, the watch products. In the existing FTA, only 1 percent of watch products enjoy the duty-free [treatment]. However, with the new FTA or the optimized FTA, it will go to 100 percent. I mean, all watch products would enjoy the duty-free [treatment]." Under the existing deal, about half of Swiss exports are granted duty-free access to China. That will increase to nearly one hundred percent under the new agreement, with pharmaceuticals and machinery among the goods and products to benefit. Services, investment and market access are also covered, giving Swiss companies more opportunities to do business there. China is one of Switzerland's most important trading partners outside the European Union, and the revised deal comes as both sides look to strengthen economic ties. Jean-Jacques de Dardel, Former Swiss Ambassador to China: "This change in our agreement entails a great progress and improvement for many of our companies in different sectors. Now, our overall trade is very important, but what strikes me is that in certain sectors it is of high importance to both countries." The upgraded deal still needs legal review and domestic approval before it can take effect. Julia Hamilton, Reporter: "The agreement was finalised here in Bern, just a year after Switzerland and China marked 75 years of diplomatic relations. Swiss President Guy Parmelin and Chinese Commerce Minister Wang Wentao announced the conclusion of the talks, with both sides looking to deepen their economic relationship." [Restrictions: No access Chinese mainland]