Arab Today, arab today landmark swisschina freetrade deal comes into force
Last Updated : GMT 05:43:50
Arab Today, arab today
Arab Today, arab today

Landmark Swiss-China free-trade deal comes into force

Arab Today, arab today

Arab Today, arab today Landmark Swiss-China free-trade deal comes into force

Then-Swiss Federal President talks with Chinese PM
Basel - AFP

 A watershed free-trade deal between China and Switzerland came into force on Tuesday, the first such accord between the Asian giant and a mainland European economy.
Marking the start of the Free Trade Agreement (FTA), Swiss Economy Minister Johann Schneider-Ammann and Chinese trade envoy Yu Jianhua presided over a ceremony in the northern city of Basel.
"This is a real chance for Swiss and Chinese businesses alike," Schneider-Amman told reporters.
"Our economy needs access to markets for its goods and services. The Swiss domestic market alone is too small for our economy and our labour market to prosper, and this is the consideration which shapes our foreign economic policy," he said.
"I am convinced that both sides will benefit from this agreement," he added, noting that Swiss industrial and farm goods would benefit from Chinese tariff cuts, while China's industrial products would have duty-free access to Switzerland.
The deal also bolsters intellectual property protection for Swiss goods -- a persistent concern for Western firms on the Chinese market, though Beijing has stepped up its battle against the pirates.
Yu, a key FTA negotiator and China's ambassador to the World Trade Organization (WTO), echoed Schneider-Ammann's remarks.
"This FTA is a historic step that will cement our economies," Yu said.
"It will also further help the process of reform and opening," he added.
As the two officials looked on, a crane hauled a shipping container marked "Switzerland-China FTA" from a barge on the River Rhine, symbolising Chinese imports, and loaded another in honour of Swiss exports.
The Rhine has long been landlocked Switzerland's link to maritime commerce, with Basel still accounting for 40 percent of Swiss exports and 12 percent of imports. 
The FTA was signed in Beijing July 2013, capping two years of talks between China and Switzerland.
- 'Small is beautiful' -
The deal is China's second with a European country after Beijing signed an FTA with economic crisis casualty Iceland in April 2013.
Neither Iceland nor Switzerland -- whose prosperous economy emerged relatively undented by the crisis -- is a member of the European Union.
Beijing has been pressing Brussels for a similar FTA, but efforts on that front are more complicated because China would need to find agreement with the entire 28-nation bloc, and the two sides are locked in a series of tit-for-tat trade disputes.
The EU is China's top export market, while China is second to the United States as a destination for EU exports.
But the balance is heavily in China's favour.
While EU exports to China reached a record 148.1 billion euros ($191.8 billion) in 2013, Chinese exports to the EU were worth 279.9 billion euros ($382.4 billion).
Switzerland has a relatively narrow trade deficit with China, its third-ranked partner after the EU and the United States.
In 2013, its exports to China were worth 8.8 billion Swiss francs (7.2 billion euros, $9.9 billion), and Chinese imports, 11.4 billion francs (9.38 billion euros, $12.8 billion).
Switzerland's top exports to China are precision machinery, pharmaceuticals and chemicals and watches, while machinery and textiles head the list of imported Chinese goods.
With their strong Swiss franc and high labour costs making it hard to beat rivals on price, Swiss firms have long made quality their selling point.
The nation of eight million people is dwarfed by behemoth China, but Yu said the deal represented an equal partnership.
"Switzerland is small. But small is beautiful. The small country is looking for a big market, but the big market, China, we are looking for the quality of the economy. We are upgrading our economy, we are looking for a partnership of quality," he said.
FTAs, including a planned EU-US accord and a proposed trans-Pacific agreement, are solidly in focus as the 160-nation WTO struggles to craft a global treaty on liberalising international commerce, a process launched in 2001.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today landmark swisschina freetrade deal comes into force Arab Today, arab today landmark swisschina freetrade deal comes into force

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:58 2017 Saturday ,25 February

US new home sales rise in January

GMT 05:46 2017 Saturday ,25 February

Record unemployment in Brazil

GMT 05:33 2017 Saturday ,25 February

Indian wind power tariffs fall

GMT 05:27 2017 Saturday ,25 February

German construction sector grows
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday