China and Switzerland commenced negotiations to upgrade the Sino-Swiss free trade agreement (FTA) on Monday, said the Ministry of Commerce in an online statement.

During his meeting with Guy Parmelin, Swiss federal councilor and head of the Swiss Federal Department of Economic Affairs, Education and Research via a livestream, Chinese Minister of Commerce Wang Wentao said that since its implementation 10 years ago, the Sino-Swiss FTA has positively contributed to the growth of bilateral trade, providing tangible benefits to businesses in both countries.

Both sides expressed a commitment to intensifying consultations and aim to reach a high-level upgraded agreement as soon as possible, ensuring mutual benefits, said the statement.

Wang said that upgrading the FTA will further expand bilateral trade, enhance two-way investment, and advance economic and trade cooperation between China and the European country.

It will also demonstrate both countries' commitment to free trade and openness, especially at a time when economic globalization faces significant challenges, he added.

The Sino-Swiss FTA was signed in July 2013 and entered into force in July 2014.