China to Cut Swiss Watch Import Duties in Free Trade Pact

China agreed to cut import tariffs on Swiss watches by 60 percent in 10 years as the two nations seek to expand trade, a move that may boost sales by retailers such as Hong Kong-based Hengdeli Holdings Ltd.

The reductions will take effect after the countries sign a free-trade agreement, which may take place in July, Assistant Commerce Minister Yu Jianhua said in a briefing in Beijing yesterday. The duties will be cut by 18 percent in the first year and around 5 percent in each of the following nine years, according to a transcript posted on the ministry’s website.