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Trade pacts inked with European countries

By Diao Ying (China Daily)
Updated: 2009-02-27 09:19

China has inked a $300 million trade agreement with Switzerland as part of its efforts to bolster trade ties with Europe.

Related readings:  China, Germany sign $14b in trade deals  Trade team heads to EU for big deals  To trade or not to trade, that is the question

The deal with Switzerland was signed by the Chinese team led by the commerce minister. The two countries have also agreed to jointly work against trade protectionism.

"China has shown by example that it is against trade and investment protectionism," said Chen Deming, China's minister of commerce.

The 200-member business delegation left for Europe on Feb 24, following Premier Wen Jiabao's visit to Europe earlier this month.

Chinese companies mainly purchased technology, software, advanced electronic equipments and steel products from Switzerland.

Enterprises from the two countries also talked about potential cooperation in many sectors, including energy, textiles, energy saving and services trade. "Both the sides are keen on cooperation in investment, trade and hi-tech sectors," said a statement on the ministry's website.

"Although the value of the deal is modest, this is a positive signal to industries in Switzerland even as a lack of confidence prevails in Europe," Xinhua quoted Chen as saying.

Prior to that, the delegation on Wednesday signed agreements worth $10 billion in Germany, the first leg of its trip. The deal involved 36 agreements in electronics, automotive, textile and medical industries.

"These products will help Chinese enterprises improve their technology, and also play a positive role in economic adjustment," the ministry said.

The focus of the procurement mission is machineries, electronics and advanced equipments. They are sectors in which the European countries have advantages and those which China needs to upgrade, Yao Jian, spokesman of the ministry, said.