Date
11/1/2024 2:27:54 PM
(MENAFN- Swissinfo)
The West is turning its back on China. Switzerland is doing the opposite and is deepening its economic ties with the Asian giant – but with what consequences?
This content was published on
November 1, 2024 – 09:00
8 minutes
Samanta Siegfried
Deutsch
de
Handel mit China:“Die Schweiz hat keinen Plan B”
Original
Read more: Handel mit China:“Die Schweiz hat keinen Plan B
中文
zh
在对待中国这个问题上,“瑞士没有B计划”
Read more: 在对待中国这个问题上,“瑞士没有B计划
The West has adopted a harsh stance towards China. The European Union has imposed punitive tariffs on Chinese electric vehicles and the United States is ready to start a trade war with China. Many Western trade partners are trying to expand their delivery chains and forge new alliances. This approach, known as de-risking, is intended to dismantle critical dependencies.
For many countries, the times when profit dictated their relationship with China are over – with one exception. Switzerland is seeking to intensify its economic relations with the Asian power. In September, the Swiss government gave the green light for negotiations to go ahead on expanding its free trade agreement (FTA) with China.
Switzerland has always had a particularly friendly relationship with China. It was one of the first Western countries to recognise the People’s Republic of China under the rule of Mao Zedong in 1950. The two countries will soon celebrate the 75th anniversary of this relationship.
Switzerland ‘in a good negotiating position’ with China
However, things are not nearly as rosy as they were ten years ago, when the FTA first came into force. The Chinese economy is weakening. Switzerland’s most important trading partners, the EU and the US, are turning their backs on China. Nationalistic rhetoric is threatening to escalate the conflict with Taiwan. Is Switzerland being naïve?
Not necessarily, says Wan-Hsin Liu, an expert in international negotiations and investments at the Kiel Institute for the World Economy.“After ten years, it makes sense for Switzerland to update the current agreement,” she says.
Liu explains that,“particularly against the backdrop of the current geopolitical tensions, it is conceivable that China might withdraw certain liberalisation measures at some point. Switzerland could be better protected against this with an agreement.”
In addition, she says, an update of the FTA would be an opportunity to demand updating certain rules of the game, such as in the areas of commerce and data protection for international data transfer.
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Publish date : 2024-11-01 11:53:00
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