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Tariff Cut for 95% Commodities of Switzerland Exported to China

Pubtime:2017-02-06Author:Source: Hits:

The close trade relationship between China and Switzerland has obtained another impetus – the Switzerland enterprises and official organizations have summarized the China-Switzerland Free Trade Agreement that came into effect about two and a half years ago in this way.

According to the report of Switzerland Neue Zürcher Zeitung website on January 14, the Switzerland’s export to China had increased for 19 times since 1990, and the export has also developed vigorously in the past few years. In 2015, the year-on-year growth of the Switzerland’s export to China was 14% while the year-on-year growth of the import from China approached 2%.In consideration of China’s economic slowdown and overall decline in foreign trade, such development is striking.

Compared to other trade partners of Switzerland, the development of China-Switzerland bilateral trade exceeds the average level.

The agreement also stipulates that the tariff of 95% export will be cut for a long term. Although a very long transitional period has been stipulated for a large number of commodities, the expenditure reduction potential brought due to the tariff cut will be very large after such agreement is implemented comprehensively. Switzerland Economic Union estimated that 80% tariff would be canceled at that time. Switzerland Global Enterprise Promotion Bureau estimated that the expenditure reduction potential of the enterprise would reach 5,800,000,000 Swiss Francs (about RMB39,700,000,000) after such agreement is implemented comprehensively.