China and Switzerland recently signed a protocol to upgrade their free trade agreement — the first quality upgrade of China's FTA with a European country, marking a new milestone in bilateral economic and trade relations.

Reached after five rounds of negotiations, the upgraded protocol delivers high-standard, two-way opening-up outcomes. Switzerland will grant more preferential tariff treatment to key Chinese products such as vegetable oil and pet food through immediate zero-tariff treatment or partial tariff cuts. China will phase out tariffs on Swiss products including coffee, machine tools and watches, with zero-tariff coverage ultimately exceeding 99% of bilateral trade.

On the movement of people, Switzerland will allow Chinese TCM professionals to provide non-practicing services such as education, training and research. The country will also permit professionals in legal consulting, accounting review and financial auditing to undertake short-term contract services; and allow the spouses and children of Chinese senior executives to enter and reside in Switzerland on a long-term basis.

In finance, maritime shipping, and air transport, the two countries will leverage their respective strengths to support cross-border trade in goods and services and investment, setting a fine example of advancing the multilateral trading system and upholding free trade and open cooperation.