WHILE THE WORLD BUILDS WALLS, CHINA AND SWITZERLAND SIGN A DEAL: Xi and Parmelin Hail Upgraded Trade Pact

Chinese President Xi Jinping and Swiss President Guy Parmelin hailed the upgraded trade agreement between their two countries in Beijing on Friday, Reuters reported.

The accord, due to be signed Friday, will give Switzerland unusually free access to Chinese markets. Reuters described it as contrasting with barriers to trade put in place by the U.S. administration and, increasingly, by the European Union.

Parmelin called it a new step in relations, saying, “We have responded to the concrete expectations of our companies and other stakeholders.” He said he hoped to hold the next strategic dialogue between the two countries' foreign affairs ministers later this year.

Xi said the agreement reflects political courage and a sense of responsibility in upholding open cooperation. He added that together the two countries could bring greater certainty to China-Europe trade cooperation and global economic development.

Chinese and Swiss officials announced the deal in August, a year after U.S. President Donald Trump saddled Switzerland with the highest U.S. trade tariffs on exports from Europe, according to Reuters. The signing comes as European leaders have been making their own trips to China. Parmelin was in China at the same time as Germany's president, following a visit earlier in October by the EU's top trade official, Reuters noted in related reporting.