In July 2014, the China-Switzerland Free Trade Agreement came into effect. This was the first free trade agreement between China and the European countries, and also the first free trade agreement between China and the top 20 countries in the world economy. The China-Switzerland Free Trade Agreement signed in 2013 is one of the highest-level free trade agreements reached by China in recent years, and its market openness and zero-tariff ratio are relatively high. The Swiss side will immediately implement zero tariff on 99.7% of China's exports, and China will finally impose zero tariff on 84.2% of the Swiss side's exports.