China's Xi, Swiss president praise trade deal that boosts access

China and Switzerland Sign Upgraded Trade Agreement Expanding Market Access

Overview of the Upgraded Trade Agreement

Presidential Statements and Significance

BEIJING, Oct 30 (Reuters) - Chinese President Xi Jinping and Swiss President Guy Parmelin hailed an upgraded trade agreement between the two countries on Friday, which bucks a broader global shift towards protectionism. 

Details of the Accord

The accord, due to be signed on Friday, will give Switzerland unusually free access to Chinese markets and contrasts with barriers to trade put in place by the US administration and the European Union. 

Stakeholder Reactions

"It’s a new step in our relations and I think we can be proud of the outcome of the negotiations," Parmelin said. "We have responded to the concrete expectations of our companies and other stakeholders."

Future Diplomatic Engagements

Parmelin said he hoped to hold the next strategic dialogue between the two countries' foreign affairs ministers later this year.

Broader Economic and Political Context

Xi said the agreement between the two countries reflects political courage and a sense of responsibility in upholding open cooperation, adding that together they could bring greater certainty to China-Europe trade cooperation and global economic development.

Background of the Deal

Chinese and Swiss officials announced the deal in August, a year after US President Donald Trump saddled Switzerland with the highest US trade tariffs on exports from Europe.

(Reporting by Mei Mei Chu in Beijing; Additional reporting by Emma Farge in Geneva, writing by Andrew Silver; Editing by Christian Schmollinger and Elaine Hardcastle)