China to Cut Duties on Swiss Watches as Part of Free Trade Deal

 
China will cut import duties on Swiss watches by 60 per cent in ten years as part of a free-trade agreement set to be signed in July, the Ministry of Commerce said on May 27, at a time when luxury watchmakers are faced with falling Chinese sales.

Under the pact, Switzerland will offer zero tariffs on 99.7 per cent of the value of goods from China, while China will allow 84 per cent of Swiss exports to be duty-free, Assistant Minister of Commerce Yu Jianhua told a press conference on May 27, 2013.