China, Switzerland sign protocol to upgrade free trade agreement

China and Switzerland on Friday signed a protocol to upgrade their free trade agreement (FTA). The move is expected to expand market access, promote two-way investment, and deepen bilateral economic and trade cooperation, according to China's Ministry of Commerce.

Under the protocol, the two sides will make high-standard commitments to further opening up trade in goods, services and investment, while upgrading rules covering rules of origin, trade facilitation, technical barriers to trade, digital trade, competition, and trade and sustainable development.

The upgrade is expected to provide stronger institutional support for bilateral trade and investment liberalization and facilitation, said the ministry, adding that it underscores both countries' commitment to free trade, open cooperation and a rules-based multilateral trading system amid global uncertainties.

Switzerland is China's seventh-largest trading partner in Europe, while China is Switzerland's largest trading partner in Asia, an official with the ministry noted.

The official explained that the upgraded agreement would help unlock greater potential for bilateral trade and investment, and bring new opportunities to businesses and people in both countries.

Data shows that over the past five years, the annual bilateral trade volume between China and Switzerland has exceeded 50 billion U.S. dollars on average. From January to September of this year, bilateral trade reached 89 billion dollars, an increase of 127 percent year on year.

China and Switzerland signed their original FTA in 2013, and the agreement entered into force in July 2014. The two countries launched negotiations to upgrade the agreement in September 2024 and announced their completion in August 2026, after five rounds of talks.

Following the signing, both sides will complete their respective domestic legal approval procedures and work to bring the upgraded agreement into force as soon as possible, the ministry said.

China, Switzerland sign protocol to upgrade free trade agreement

European Union (EU) member states have pledged to accelerate the release of 42.6 million barrels of strategic oil reserves over the coming months to stabilize the fuel markets, European Commissioner for Energy and Housing Dan Jorgensen said Thursday.

EU energy ministers met in Luxembourg to discuss winter energy security, prices, and measures to shore up diesel supplies.

Speaking to reporters after the meeting, Jorgensen noted that relevant member states reaffirmed their commitment to releasing the 42.6 million barrels, including 20.5 million barrels of diesel, from strategic stockpiles.

Twelve European nations, including Germany, France and Italy, announced in a joint statement that they plan to complete the release by the end of January 2027.

Diesel prices across the EU remain elevated. According to the European Commission's latest Weekly Oil Bulletin, the EU's average retail diesel price stood at around 2.15 euros per liter on Oct. 26, up roughly 35 percent from late February, before the outbreak of the conflict in the Middle East.

In March, members of the International Energy Agency (IEA) agreed to release 400 million barrels of emergency oil stocks in response to supply disruptions caused by the conflict in the Middle East.

Global energy markets remain under pressure amid ongoing tensions in the Middle East. In its October Oil Market Report, the IEA said global diesel markets remained tight, with prolonged disruptions to supplies from the Middle East and Russia contributing to declining inventories, while diesel prices in Europe and other regions remained elevated.

EU countries pledge to release 42.6 mln barrels of strategic oil reserves