As China and Switzerland celebrate the 10th anniversary of their free trade agreement, officials from both nations lauded their economic collaboration and announced plans to begin talks on upgrading the deal to further enhance bilateral trade.

Chinese Minister of Commerce Wang Wentao said that under the strategic guidance of both nations' leaders and active business participation, Sino-Swiss economic and trade cooperation has flourished, resulting in impressive growth in bilateral trade despite the global trends.

According to Wang, China remains Switzerland's third-largest trading partner, while Switzerland is China's sixth-largest in Europe. Despite challenges like weak global trade growth and strained international supply chains, Sino-Swiss trade volume grew by 4.4 percent in 2023, reaching $59.5 billion—a truly encouraging figure, as he told the eighth Sino-Swiss Economic Forum in Beijing on July 1.

The forum, co-hosted by the Swiss Chinese Chamber of Commerce and the embassy of Switzerland in China, offered a platform for officials and senior business representatives from China and Switzerland to discuss future cooperation.

During the forum, Wang emphasized the significant potential for further economic and trade cooperation, citing the strong and complementary economic ties between China and Switzerland. "Next year marks the 75th anniversary of diplomatic relations between the two nations, presenting a historic opportunity to advance our bilateral economic and trade relations," he said.

Wang announced on the forum that a memorandum has been signed by the two nations to launch negotiations on enhancing the free trade agreement soon.

Swiss Federal Councillor Guy Parmelin, head of the Federal Department of Economic Affairs, Education and Research, also highlighted on the forum the ever-growing bilateral relations between China and Switzerland.

He praised the increasing exchanges in education and research and underscored the strong connections between Swiss businesses and the Chinese market.

Parmelin noted that the large delegation of representatives from both the Swiss business and scientific communities visiting China demonstrates the high level of interest in China.