China and Switzerland Conclude Upgraded Free-Trade Deal

China and Switzerland have concluded negotiations to upgrade their free-trade agreement, a deal that will eliminate Chinese tariffs on nearly all Swiss exports and solidify Beijing’s economic ties in Europe amid escalating trade tensions with the European Union.

The upgraded pact, announced Thursday in Bern by Chinese Commerce Minister Wang Wentao and Swiss President Guy Parmelin, will allow 99.8% of Swiss goods to enter China duty-free. The agreement rectifies an imbalance in the original 2014 treaty, which granted zero-tariff treatment to almost all Chinese exports to Switzerland but applied the same benefit to only about half of Swiss goods entering China.