New Delhi, Aug. 21 -- As China seeks to deepen its ties with Europe amid its ongoing rivalry with the US for global influence, it has concluded negotiations for a new trade deal with Switzerland that will eliminate tariffs on nearly all Swiss exports.

According to a statement issued by the Swiss government on Thursday (local time), the agreement grants 99.8 per cent of Switzerland's exports duty-free access to China. Further, Swiss investors will also get better access to the Chinese market, Bloomberg reported.

The latest agreement between the two countries will also offer some relief to Switzerland amid the ongoing risks to its export-oriented economy posed by US trade policy. While the Swiss government secured an initial agreement wit...