China, Switzerland take lead against protectionism with free trade deal: official
BERN, Switzerland, Jan. 26 (Xinhua) -- A free trade deal between China and Switzerland will not only benefit bilateral trade and investment, but also set an example in the global fight against protectionism, a senior Chinese commercial official said here on Tuesday.
brochure printing "China and Switzerland are sending a strong signal to the world with the preparation for an early start of negotiations on signing a free trade agreement, under which both countries will join hands against protectionism," Yi Xiaozhun, vice minister of commerce, said in an interview with Xinhua.
Yi, who is accompanying Chinese Vice Premier Li Keqiang on a four- day visit to Switzerland, added that Vice Premier Li and Swiss President Doris Leuthard, during their meeting early Tuesday, agreed to push forward the feasibility study on the free trade deal and start the negotiations as early as possible this year.
"It is a concrete move that sets a good example for the global efforts to grapple with the economic crisis," Yi said.
He noted that amid the economic crisis, there has been an increasing use of protective measures around the globe which would only make the economic crisis last longer, although world leaders have made repeated pledges to refrain from protectionism.
The worst of the crisis is over now, but the world economic recovery still remains fragile, Yi said, warning that as more people are losing jobs in many countries, there is a real risk that makes protectionism get stronger.
"Governments should remain on guard against the temptation paper bag printing of protectionism," he said. "The free trade agreement between China and Switzerland would be part of the bid to oppose it."
For the two countries, the free trade deal when put into force will open more business opportunities for their respective companies.
Official figures showed that bilateral trade reached 11.3 billion U.S. dollars in 2008. Switzerland is China's ninth largest trade partner in Europe, while China is Switzerland's fourth biggest trade partner.
Switzerland is also the fourth largest source of foreign direct investment for China and also the fourth largest source of technology.
Although the two-way trade witnessed a downturn in the economic crisis, the decline was relatively small when compared with other countries, and investment by Swiss companies in China even registered an increase.
"Trade between China and Switzerland has shown resilience," Yi said. "With the creation of the free trade area, bilateral trade and investment cooperation would get a new boost and will help the two countries fend off the economic crisis."
According to the official, Chinese and Swiss economies are highly complementary, which lays a solid foundation for further cooperation. "Swiss companies are competitive in the high tech sector, while China is a manufacturing power. Both sides will benefit from the free trade deal," Yi concluded.
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