China and Switzerland have strengthened their bilateral ties further, as they signed an expansion to their existing free trade agreement (FTA).

The FTA between the Asian giant and European country, which was originally signed in July 2014, is expected to bring about upgrades with the signing of 10 new cooperation documents. It is worth noting that Switzerland is the first European country to sign an FTA with China. This has waived certain tariffs on most goods.

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According to China Daily, Chinese President Xi Jinping and Swiss leader Doris Leuthard have agreed to give more emphasis on clean energy, sports, customs and intellectual property in their expanded FTA. The two leaders signed the upgraded FTA between China and Switzerland on Monday following the state visit of the former to the latter's country. 

"The China-Switzerland relationship has become a model for the cooperation between two countries with different social systems, development period and size of homeland," Xi said.

With this move towards "economic globalization," the Chinese leader noted that "positive energy" from both countries is important.

Meanwhile, Leuthard said the free trade is "of vital importance for an open economy like Switzerland." She also commended China for having played an important role in addressing global concerns.

In the meantime, Global Times reported that Xi particularly extended appreciation to the Swiss government's support in building the Asian Infrastructure Investment Bank and Belt and Road Initiative.

Amid this, China is reportedly ready to discuss possible cooperation with Switzerland more than what the FTA has highlighted. It was revealed that the country would like their ties to include infrastructure construction, insurance and other interventions that support the Belt and Road Initiative.

TagsChina Switzerland FTA, China Switzerland Free Trade Agreement, China Belt and Road Initiative