China and Switzerland Boosting Ties and Promoting Multilateralism, Swiss Foreign Minister Says
By Hu Xuan and Kelly Wang
China and Switzerland are strengthening their bilateral economic ties while jointly advocating for multilateralism amid growing global uncertainties, the Swiss foreign minister explained during a visit to the Beijing last week.
The two sides are aiming to accelerate negotiations to upgrade their free trade agreement (FTA), which first took effect in 2014, with hopes of concluding the talks this year, according to Ignazio Cassis.
“We are willing to progress very quickly to amend this agreement, possibly this year,” Cassis told Caixin during an interview on April 24. The diplomat was in China for a two-day visit to commemorate the 75th anniversary of Sino-Swiss diplomatic relations.
Beijing echoed the Alpine nation’s desire to modernize the FTA and emphasized building broader consensus on cooperation, according to a statement from the Chinese foreign ministry. The two sides are yet to disclose any details about the update as discussions are ongoing.
As an export-oriented nation, Switzerland is China’s sixth-largest trading partner in Europe, while China is Switzerland’s largest trading partner in Asia, according to the Chinese foreign ministry. Currently, China imports more from Switzerland than vice versa — running a nearly $48 billion trade deficit in 2024, according to data from China’s General Administration of Customs.
During a Thursday meeting between Cassis and Chinese Foreign Minister Wang Yi, the latter said he welcomes more Swiss enterprises to invest and do business in China, while the Swiss side called for improved market access for goods, services and investments, according to statements from the two ministries.
Cassis noted that Swiss businesspeople and tourists have benefited from China’s temporary visa-free policy, first announced in March 2024 and later extended to last until the end of the year.
“It is very effective,” Cassis said, citing an example of Swiss company personnel he met on his trip, which told him that being able to easily travel to Beijing to oversee operations had “made their lives much easier.”
The pair also mentioned their shared commitment to upholding the existing international order and strengthening multilateral cooperation. This came as the U.S. levied tariffs of up to 245% on Chinese imports and threatened to apply so-called “reciprocal tariffs” of 31% on goods from Switzerland.
Beijing said the two sides should work together to “address the challenges of de-globalization” while Switzerland expressed willingness to enhance communication with China to defend multilateralism and free trade, according to the Chinese foreign ministry statement.
At a press meeting held at the Swiss Embassy in Beijing on April 24, Cassis warned that multilateral institutions such as the World Trade Organization are facing “difficulty or even paralysis,” adding that revitalizing them requires concerted international efforts.
During the interview with Caixin, Cassis said Sino-Swiss trade relations have so far remained unaffected by the U.S. tariffs.
Contact reporter Kelly Wang (jingzhewang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
caixinglobal.com is the English-language online news portal of Chinese financial and business news media group Caixin. Global Neighbours is authorized to reprint this article.
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