China, Singapore complete negotiations to upgrade bilateral FTA

Singapore Prime Minister Lee Hsien Loong (left) during a meeting with Chinese President Xi Jinping. (Source: AFP)

The upgraded FTA adds a new chapter on telecommunications, incorporating high-level economic and trade rules covering aspects including national treatment, market access, transparency and the digital economy, among others, the announcement said.

The agreement is expected to boost market access for businesses from both countries.

The two sides also confirmed that they will not withdraw opening measures in the fields of trade in services and investment, and pledged that the "doors" each side opens to each other will only get wider in the future.

The FTA is an important measure and practical action for China to meet high-standard international economic and trade rules and open up more to the outside world . The Chinese Ministry of Commerce said that the ministry will vigorously promote economic and trade cooperation with Singapore to a new level.

China and Singapore signed an FTA in 2008 and upgraded it in 2018. In December 2020, the two sides upgraded the agreement again and launched follow-up negotiations to further enhance liberalization in bilateral trade in services and investment.

The announcement was made in the context of China and Singapore issuing a joint statement on April 1 on establishing a high-quality comprehensive partnership towards the future, during Singaporean Prime Minister Lee Hsien Loong's visit to China.

Previously, during the meeting between Prime Minister Lee Hsien Loong and Chinese President Xi Jinping on March 31, the two leaders emphasized the importance of bilateral partnership for the two countries as well as the region.

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