HublotÕs Chinese Flag Watch Commemorates Sino-Swiss Free Trade Agreement

by swisscham in General Interest

As the provisions of China and SwitzerlandÕs bilateral free trade agreement (FTA) signed last year are set to take effect, Swiss watchmaker Hublot commemorates the milestone with a special-edition watch that was presented to Chinese officials at the 2014 Sino-Swiss Economic Forum in Beijing last Tuesday. The FTA includes the removal of most import tariffs from various groups in both countries. Switzerland is set to remove tariffs on almost all goods imported from China, while China will remove them from 84 percent of imported Swiss goods. While luxury tariffs on luxury watches will remain, a special Òwatch memorandumÓ added to the agreement stipulates that they will be cut by 60 percent over the next decade. The event was jointly organized by Swiss-Chinese Chamber of Commerce and the Swiss Embassy. The press release says that the FTA taking effect will have Òunprecedented opportunities in economic and trade cooperation benefitting the watch industry.Ó

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