Switzerland and China updating free trade agreement

Switzerland is seeking a new round of discussion on its free trade agreement with China and expects medicines to be included, Swiss Federal Councillor Johann N. Schneider-Ammann said during his visit to China from Sep 5 to 9, who also noted China has not responded on the subject yet.

The FTA came into effect in 2014 and eliminated tariffs fully or partially in multiple sectors, marking the first free-trade deal between China and a continental European economy. Earlier in 2017, China and Switzerland have agreed to upgrade their free trade agreement to further boost trade in clean energy, sports, customs and intellectual property.

"We hope to see a detailed discussion in the pharmaceutical industry during a new round of discussions on FTA," said Schneider-Ammann.

China is now Switzerland's third-largest trading partner after the European Union and America. In 2017, bilateral trade hit $37.79 billion.