China and Switzerland sign upgraded trade accord

Chinese President Xi Jinping and Swiss counterpart Guy Parmelin are set to sign an upgraded trade agreement in Beijing. The deal provides Switzerland with unusually high levels of market access, with 99.8% of Swiss exports set to receive duty-free access to China. This is a significant increase from the previous level, where just over half of Swiss exports enjoyed such access.

The agreement contrasts with a global trend toward protectionism and rising trade barriers from the United States and the European Union. Diplomats suggest the deal may be a strategic move by Beijing to project an internationalist image and demonstrate a willingness to lower trade barriers in Europe, particularly as the United States pursues multilateralism-skeptical policies.

While the deal largely reciprocates terms already granted by Switzerland to China, it has drawn attention from U.S. officials. The Swiss State Secretariat for Economic Affairs noted that the government maintains regular discussions regarding trade policy developments with its partners.