BCGAME - Free 5BTC Daily Bonus!- Switzerland speeds up trade deal with China
- US tariffs put pressure on Swiss exports
- Updated pact aims for more sustainable trade
Switzerland has stepped up talks with China to renew the free trade agreement signed between the two countries in 2014, while facing obstacles in tariff negotiations with the United States. The move marks an attempt by the Swiss government to diversify its economic relations and soften the impact of sanctions imposed by Washington.
During the fourth round of the strategic dialogue in Bellinzona, Swiss Minister Ignazio Cassis and Chinese Foreign Minister Wang Yi reinforced their mutual commitment to modernizing the trade pact. The original agreement, signed over a decade ago, was the first of its kind between China and a continental European nation, and has since significantly boosted the bilateral flow of pharmaceuticals, luxury goods, and industrial components.
The new understanding aims to make trade more "predictable and sustainable," according to a joint statement from the two governments. The updates are expected to include advances in technology, environmental regulations, and greater transparency in trade practices.
The measure comes at a time when trade ties between Switzerland and the United States are weakening. In August, the current US administration led by Donald Trump imposed tariffs of up to 39% on certain Swiss exports, severely affecting the pharmaceutical and advanced manufacturing sectors—pillars of the European country's economy.
With restrictions still in place and no progress in negotiations with Washington, Switzerland's focus shifts to the East. Despite this, Cassis made it clear that closer ties with Beijing do not come at the expense of Western partners. "We are committed to interacting constructively with all partners," the minister declared, advocating for a more balanced globalization.
The strategic rapprochement with China reflects Switzerland's pragmatic attempt to preserve global competitiveness amid the US-led trade tightening. Modernizing the agreement could redefine key trade routes and expand the European country's access to the Asian market.
