The free trade agreement includes: trade in goods (industrial and agricultural products), rules of origin, customs procedures and trade facilitation, trade measures, technical regulations, sanitary and phytosanitary measures, trade in services, protection of intellectual property, competition, investment promotion, transparency of government procurement, trade-related environmental and labour issues, economic and technical issues Coopé Ration and institutional arrangements (Joint Committee, consultation process, e.g. dispute settlement). With this comprehensive coverage, the free trade agreement will improve market access for Swiss exports of goods and services to the fast-growing Chinese market, facilitate mutual trade, strengthen intellectual property protection, generally improve legal certainty in economic exchanges, promote bilateral cooperation between Switzerland and China and contribute to sustainable development. The free trade agreement creates a competitive advantage for the Swiss economy compared to countries that have not concluded a free trade agreement with China, in particular the EU. The Free Trade Agreement applies to the customs territory of China and the territory of Switzerland. As regards trade in goods, the FREE TRADE AGREEMENT also applies to the Principality of Liechtenstein by reason of the customs union between Switzerland and Liechtenstein. Within the framework of EFTA, Switzerland concluded a free trade agreement with the Hong Kong Special Administrative Region of China (a separate customs territory) in 2011. Swiss exports to China are dominated by jewellery, which accounted for 60% of the total in 2018 and is highly volatile. Swiss jewelry exports to China grew between 2010 and 2013, with an average annual rate of 221 percent, and slowed significantly between 2014 and 2019 to 2.7 percent per year. The slowdown occurred despite tariff reductions on gold and jewellery products under the CSFTA and the total elimination of tariffs on many of these items. A severe crackdown on corruption in China could be responsible for these trends, given that gifts of Swiss jewelry and watches are a common form of corruption in China. The decline in these exports from Switzerland to China is mainly due to the slowdown in exports and volatility. On the other hand, since the entry into force of the free trade agreement (2014-19), pharmaceutical exports, which accounted for 20% of Swiss exports to China in 2019, have recorded an annual growth of 16.4%.