China and Switzerland on Monday began negotiations on an upgrade of the Sino-Swiss free trade agreement (FTA), with both sides agreeing to intensify consultations and reach a high-level upgrade agreement as soon as possible on the basis of mutual benefits.

The Chinese Ministry of Commerce said in a statement that Chinese Minister of Commerce Wang Wentao and Guy Parmelin, Swiss federal councilor and head of the Swiss Federal Department of Economic Affairs, Education and Research, announced the launch of talks through a livestream.

Wang said that since it came into effect 10 years ago, the Sino-Swiss FTA has played a positive role in promoting the growth of bilateral trade, and enterprises in both countries have truly benefited.

Upgrading the FTA will help expand bilateral trade and boost two-way investment, and promote the upgrading of economic and trade cooperation between the two countries, Wang said, adding that it will also showcase the two countries' support for free trade and openness to the outside world at a time when economic globalization is encountering headwinds.

Parmelin said that with trade protectionism on the rise globally, it is of great significance that China and Switzerland have launched their FTA upgrade negotiations. It shows that the two countries are always committed to building an open, standardized environment for international economic and trade cooperation, and it has sent a positive signal to the outside world that the two countries will deepen cooperation, he added.

The Sino-Swiss FTA was signed in July 2013 and came into effect in July 2014.