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Chinese President Xi Jinping and Swiss President Guy Parmelin announced the expansion of a major trade agreement, eliminating tariffs on nearly all Swiss exports to China. This agreement allows 99.8% of Swiss goods to enter China tariff-free over the next decade, significantly increasing access compared to previous levels. Notably, all Swiss watches will now enter China without tariffs, while luxury goods will still incur consumption taxes. The deal also includes tariff eliminations for Swiss cheeses and coffee, alongside existing exemptions for chocolate and wine. In return, China will see tariffs removed on 97.3% of its agricultural exports to Switzerland. The leaders emphasized the importance of this agreement for economic cooperation between China and Europe.