China-Switzerland FTA comes into effect

A free trade agreement between China and Switzerland that slashes import duties on 92% of industrial goods came into effect on Tuesday, Bloomberg reported. China will cut tariffs on Swiss watches, machinery and chemical imports from companies including Swatch Group (UHR.VTX) and robot-maker ABB’s (ABB.NYSE, ABBN.VTX) Swiss unit. Switzerland now has privileged access to a market that will keep demand in factories high. Swiss unemployment in the first quarter was 4.8%, less than half of that in the eurozone. China will overtake Germany as Switzerland’s biggest export market by 2035, according to Credit Suisse.