Key facts
- 99.8% of Swiss exports will have duty-free access to China under the new accord.
- The deal largely reciprocates terms Switzerland already grants China.
- The accord does not grant Chinese industrial goods new tariff benefits.
- The deal aims to tackle imbalances in the initial accord and expand Swiss market access to China.
China and Switzerland are set to sign an upgraded trade accord on Friday in Beijing, marking a significant move that grants Switzerland extensive market access to China and stands in contrast to a global trend of increasing protectionism. The deal, announced in August, will allow 99.8% of Swiss exports to enter China duty-free, a substantial increase from just over half previously. This development comes after Switzerland faced high US tariffs under the Trump administration, later reduced to 15% in a provisional deal. Officials state the accord aims to create a level playing field and demonstrate China's commitment to rules-based trade, without offering new tariff benefits to Chinese industrial goods.