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.