Home / Knowledge / News / Textiles / Chinese textiles to benefit from Sino-Swiss FTA
Chinese textiles to benefit from Sino-Swiss FTA
04
Jun '13
Mr. Li Keqiang & Mr. Ueli Maurer /abc.net.au
Mr. Li Keqiang & Mr. Ueli Maurer /abc.net.au
Chinese textiles and clothing sector is among the industries that are likely to get a boost due to the likely implementation of a free trade agreement (FTA) between China and Switzerland, next month.
 
A framework agreement, ahead of the formal FTA, was signed by both countries during the visit of Chinese Premier Li Keqiang to Swiss capital Berne last month.
 
As per the bilateral FTA, which needs to be approved by both chambers of the Swiss Parliament before it can be ratified, Switzerland will offer zero tariffs for 99.7 percent of China’s exports, while China will offer zero tariffs for 84.2 percent of Swiss products.
 
At present, China is Switzerland’s largest trading partner outside the EU and the US, while Switzerland is China’s seventh biggest trading partner in Europe. Last year, bilateral trade between the two nations totaled US$ 26 billion, which included textiles and apparel trade.
 
Addressing a press conference, China’s Assistant Minister of Commerce Yu Jianhua said the Sino-Swiss FTA is a win-win situation for both the countries. As per the agreement, import duties on Chinese exports to Switzerland will be reduced drastically.
 
The Minister said reducing tariffs and increasing imports of products on the higher end of the production chain will help China’s industrial upgrading efforts.
 
For China, the FTA is the first such deal with one of the world’s 20 top economies, and the second with a European nation, following its signing of a FTA with Iceland, which also falls outside the 27-nation EU bloc, a month ago.
 
The bilateral FTA is one of China’s highest level and most comprehensive free trade pacts, which will deepen China-Switzerland economic and trade ties, as various industries of the two countries complement each other, Chinese Commerce Minister Gao Hucheng said in a statement.
 
Once the FTA is ratified and implemented, Chinese textiles and clothing exports to Switzerland are likely to get a boost, as these will enjoy zero tariffs.
 
Besides the framework agreement, which was signed by Premier Li Keqiang and Swiss President Ueli Maurer, the two nations also inked agreements on country-of-origin criterion so that the companies that do not qualify for FTA benefits do not take any undue advantage.
 
Both sides also developed a consensus on trade rules related to competition, intellectual property, government procurement, employment and environmental issues, according to Yu.
 

Fibre2fashion News Desk - China


Must ReadView All

Pic: Aura Blockchain Consortium

Fashion | On 21st Apr 2021

LVMH, Prada and Cartier form world's first global luxury blockchain

Three major luxury names—LVMH, Prada and Cartier, part of...

Pic: Shutterstock

Textiles | On 21st Apr 2021

India-Bangladesh MoU on cooperation in trade remedial measures

India's Cabinet chaired by Prime Minister Narendra Modi has given its ...

Pic: Infinited Fiber Company

Textiles | On 21st Apr 2021

Infinited Fiber plans to build €220 mn flagship factory in Finland

Circular fashion and textile technology group Infinited Fiber Company ...

Interviews View All

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Shivendra Nigam,

Shivendra Nigam

Delhi-headquartered Cantabil Retail India Ltd was founded by Vijay Bansal...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search