China, Switzerland discuss watch and pharma cooperation, memorandum

The memorandum is institutional rather than commercial: it formalizes the watch cooperation working group under an existing joint commission, signaling that Beijing and Bern want a structured channel for a sector where Swiss brands dominate China's premium market. The pharmaceutical mention matters too, since it sits alongside watches as a Swiss export strength into China. The practical effect is limited for now — the significance lies in whether this working group produces concrete outcomes, and whether the pharma discussion follows the watch track toward its own formal mechanism.