Even though it is considered to be one of the sectors largely benefiting from the China-Swiss free trade agreement, Swiss watches are suffering shrinking sales in the Chinese market, its third-largest export destination in the world. Latest data from the Federation of the Swiss Watch Industry show that Swiss watch exports to China reflected a clear decrease for the first three quarters of the year, contracting 14.7% to CHF 1.03 billion (USD 1.05 billion), compared with the same period last year. Gao Hucheng, Chinese minister of commerce, said the bilateral FTA will provide a good platform for Swiss watch companies’ development in China and Switzerland will increase the import of Swiss advanced technology in the watch industry. In 2012, bilateral trade between China and the Swiss reached USD 26.3 billion. Swiss watch exports to China worth CHF 1.653 billion. However, influenced by the sluggish market demand, Swiss watchmaker Audemars Piguet has decided to close six of its 22 retail stores in the Chinese market and said it will slow its expansion in China. Francois-Henry Bennahmia, Chief Executive Officer of the company, said that the golden developing age in the Chinese market has ended.