China and Switzerland have agreed on a new trade accord granting 99.8% of Switzerland's current exports to China tariff-free treatment, Bloomberg reported Thursday.

The deal also gives Swiss investors improved access to the Chinese market, while watches, pharmaceuticals and precision instruments will be able to enter China duty-free, Bloomberg said.

The accord could provide some relief to Switzerland's export-oriented economy amid uncertainty over US trade policy, the report said.

China is Switzerland's third-largest trading partner after the European Union and the US, with bilateral shipments totaling about 34 billion francs last year, Bloomberg said.