Beijing, October 30 (QNA) - China and Switzerland have signed an updated free trade agreement protocol, expanding tariff exemptions and improving market access for goods, services and investment. 
Signed in Beijing following talks between Chinese President Xi Jinping and Swiss President Guy Parmelin, the protocol will eventually grant full tariff exemptions to 99.8 percent of Swiss goods exports to China, up from 53.6 percent under the current agreement. About 77.5 percent will be exempt immediately upon entry into force, with the rest phased out over five to 10 years. 
The protocol covers 97.3 percent of Chinese agricultural exports to Switzerland, with 80.1 percent receiving full exemptions. Other products will benefit from tariff reductions or quotas, subject to seasonal restrictions. 
It also expands Swiss companies' access to China's services market, including technical testing, financial services, aircraft maintenance and maritime transport, while improving investment conditions and legal certainty. 
Xi described free trade cooperation as a key pillar of bilateral relations and called for stronger economic ties with Switzerland and European countries.
He also expressed interest in cooperation in emerging industries, including the digital economy, green energy storage and artificial intelligence.
Parmelin called the agreement a new step in bilateral relations, saying it would meet business needs, strengthen mutual trust and create broader opportunities for economic cooperation. 
China and Switzerland signed their original free trade agreement in July 2013, which took effect on July 1, 2014. Talks to update it began in September 2024, with five rounds completed by August 2026. 
Bilateral trade, excluding gold and other precious goods, reached about 33.5 billion Swiss francs (USD 40.3 billion) in 2025, according to Swiss official data. (QNA)