Sino-Swiss FTA to benefit both sides

More details have been released on the bilateral free trade agreement between China and Switzerland. It is the first FTA between Beijing and continental Europe.

According to China's Ministry of Commerce, under the pact, Switzerland will offer zero tariffs on 99.7 percent of Chinese exports to the country, while China will offer zero tariffs on 84.2 percent of imports from Switzerland.

The agreement covers a range of sectors, including the environment, cooperation on labor and employment, intellectual property rights, and government procurement information exchange. China is Switzerland's third-largest trading partner behind the EU and the United States.

In 2012, two-way trade reached 26 billion U.S. dollars. Nearly 87 percent of the bilateral trade represented Swiss exports to China. The FTA is expected to be signed in July.