China and Switzerland announced this week that the two countries have struck a trade deal which is expected to benefit the Swiss watch industry. Mr. Gao Hucheng, Chinese Minister of Commerce, and Johann Schneider Ammann, Head of Swiss Federal Department of Economic Affairs, signed a MOU on Completing Sino-Swiss FTA Negotiations in Bern, Switzerland on May 24 under the witness of Chinese Premier Li Keqiang and President of the Swiss Confederation Ueli Maurer.
The Sino-Swiss FTA negotiations have taken over two years to complete, with the two sides reaching consensus only after nine rounds of negotiations since 2011. Both sides agreed that they will launch domestic approval procedures immediately in order to sign and implement Sino-Swiss FTA as soon as possible and benefit the people of both countries.
With a growing demand for luxury goods, China has become one of the most important markets for the Swiss watch industry.