Xinhua reported that China and Switzerland signed a Free Trade Agreement (FTA) Memorandum of Understanding (MOU) on May 24. This concluded the FTA negotiations that started in 2010. The signing of the MOU is the last step before the final agreement is officially established. This action marked the top agenda item for China’s new Premier Li Keqiang’s visit to Switzerland. The China-Swiss FTA, after nine rounds of negotiations, will be the first FTA between China and a European country. It is also the first FTA China has with one of the World’s Top-Twenty Developed Countries. China is currently Switzerland’s largest trade partner in Asia and Switzerland is China’s seventh largest trade partner in Europe as well as its sixth largest source of foreign investments.
Source: Xinhua, May 24, 2013