Switzerland To Sign Off On China’s Belt & Road Initiative
Switzerland is set to sign a Memorandum of Understanding with China concerning mutual developments with China’s Belt & Road Initiative. The signing is expected to take place on April 28th during the state visit to China by Swiss President Ueli Maurer, who will be accompanied by a Swiss delegation of finance and business executives. Maurer is also attending the Belt & Road Forum in Beijing.
Switzerland is currently the only European country to have a Free Trade Agreement with China, which came into force on 1st July 2014. The complete document can be downloaded from the Dezan Shira & Associates Asiapedia FTA library here. That agreement lead to an immediate export value of 22.8 billion of Swiss products to China, and has also shown that Switzerland can act as a bridge between China and the EU, which does not have an FTA with China. Switzerland also enjoys a surplus trade balance with China.
Swiss Exports to China
Chris Devonshire-Ellis of Dezan Shira & Associates comments “The trade statistics since China and Switzerland signed their free trade agreement tell the story behind the close relations between the two countries and illustrate that the current thinking within the EU towards China is unfounded. While much of the EU has a trade deficit with China, Switzerland enjoys a surplus, and Swiss exports are booming. The signing of the Swiss side to China’s Belt & Road Initiative is a logical progression and will enable Swiss companies to particpate in some of the opportunities this will produce. Switzerland is a land-locked country and it must reach out to other global initiatives to compete and stay both competitive and continue to develop its export markets.
Dezan Shira & Associates assist foreign businesses into China and the Belt & Road markets and possess some 12 offices in mainland China in addition to Hong Kong. We have a roster of Swiss clients and have been servicing Swiss clients in China since 1992. Please contact us at email@example.com for assistance or viist us at www.dezshira.com