The free trade agreement between China and Switzerland, which came into effect on Tuesday, will help generate long-term economic benefits for both countries, top industry experts said.

According to estimates provided by Switzerland Global Enterprise, a nonprofit association, the potential savings for Swiss companies in 2015, the first year after the FTA comes into effect, could amount to 166 million Swiss francs ($187 million). The product groups where the greatest savings can be made are wristwatches, medicine, medical devices, gas turbines and elevators, and men's suits, the SGE said.

The FTA, which was signed in 2013, grants zero tariff to 99.7 percent of Chinese exports to Switzerland and 84.2 percent of Swiss exports to China. The tariffs will be phased out over time.