Chinese President ⁠Xi Jinping ⁠and Swiss President ⁠Guy Parmelin hailed an upgraded trade ​agreement between the two countries on Friday, which bucks ‌a broader global shift ‌towards protectionism.

The accord, due to be signed ⁠on ⁠Friday, will give Switzerland unusually free access to Chinese ​markets and contrasts with barriers to trade put in place by the US administration and the European ​Union.

“It’s a new step in our relations and I ⁠think ⁠we can be proud ⁠of ​the outcome of the negotiations,” Parmelin said. “We have responded ​to the concrete ⁠expectations of our companies and other stakeholders.”

Parmelin said he hoped to hold the next strategic dialogue between the two countries’ foreign affairs ministers ⁠later this year.

Xi said the agreement between the two countries reflects ⁠political courage and a sense of responsibility in upholding open cooperation, adding that together they 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 US President Donald Trump saddled Switzerland ⁠with the highest US trade tariffs on exports from Europe.

Source: USNEWS