Business / Economy

Iceland and Switzerland free trade pacts begin

By Li Jiabao ( Updated: 2014-06-30 17:31

China's free trade agreements with Switzerland and Iceland will formally take effect on July 1, the Ministry of Commerce said in a note on its website.

The FTA with Iceland marks China's first free trade pact with an European country while the pact with Switzerland marks China's first one with a country that has a top 20 world economy.

China-Iceland FTA talks started in 2006 and concluded in April 2013 after six rounds. China-Switzerland FTA negotiations began in 2011 and finished in May 2013 after nine rounds of talks.

The two free trade pacts are both high in quality, cover broad sectors and have mutual benefits, and fall among the most advanced and comprehensive FTAs China has forged in recent years, the ministry said.

China's free trade pacts with the two countries, which are members of the European Free Trade Association and have established free trade ties with the European Union, will not only boost the country's economic ties with the two individual markets but also enhance China's reach into the European market while promoting China-EU economic ties.

Iceland and Switzerland free trade pacts begin Iceland and Switzerland free trade pacts begin
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