Switzerland's ambassador to China highlighted the significance of trade relations between the two countries at an event in Beijing on Tuesday, amid the 10th anniversary of their free trade agreement.

"The Sino-Swiss FTA entered into force 10 years ago and became gradually more important as China reduced its tariffs in accordance with a schedule that – for most tariff lines – extended over 10 years," Swiss ambassador Juerg Burri said in his speech during a panel discussion, "Making Good Use of Free Trade Agreements", at his residence in the Chinese capital.

The Sino-Swiss FTA took effect in July 2014 and has become the most utilized agreements of its kind outside Europe for Swiss exporters, according to the Swiss embassy in China.

During the event on Tuesday, the Chinese version of The Sino-Swiss Free Trade Agreement – 2023 Academic Evaluation Report (10th Anniversary Edition) was presented. The report was jointly completed by the Sino-Swiss Competence Center of the University of International Business and Economics in Beijing, the University of St. Gallen in Switzerland and the Shanghai Customs College.

The new report provides evidence that the Sino-Swiss FTA has achieved remarkable results in the past decade. The overall Sino-Swiss FTA utilization rate has increased by 13 percent, from 58 percent to 71 percent, over the last five years. As a result, Swiss firms have saved $220 million in 2022, up from $70 million in 2018. The remaining savings potential is estimated to be as high as $200 million.

Many Swiss and Chinese enterprises have tapped the new opportunities brought by the FTA and continuously expanded the scale of trade and investment, thus enhancing solid economic cooperation between the two countries, according to the report.