Singapore and China substantively conclude free trade agreement negotiations


BEIJING, April 2 (Bernama-Xinhua): China's Minister of Commerce Wang Wentao and Singapore's Minister for Trade and Industry Gan Kim Yong on Saturday signed a Memorandum of Understanding to announce the substantive conclusion of subsequent negotiations on an upgraded bilateral free trade agreement (FTA).

The upgraded FTA, which will boost market access for businesses from both countries, adds a new standalone chapter on telecommunications, and incorporates high-level economic and trade rules on national treatment, market access, transparency and the digital economy, among others, the Ministry of Commerce said in a statement, reported Xinhua.

The two sides also confirmed that there will be no rollback of opening-up measures in the service trade and investment sectors, and promised to each other that the respective doors of opening up will only be wider.

The FTA is an important measure and practical action by China to align with high-standard international economic and trade rules and open wider to the outside world. It will strongly push China-Singapore economic and trade cooperation to a new level, the ministry said.

China and Singapore signed the FTA in 2008 and upgraded it in 2018. In December 2020, the two sides upgraded the agreement again and launched subsequent negotiations to further liberalise service trade and investment based on a negative-list model. - Bernama-Xinhua

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

China , Singapore , free trade agreement

   

Next In Aseanplus News

Asean News Headlines at 10pm on Thursday (Nov 14, 2024)
Cricket-ICC in talks with boards over non-payment of T20 World Cup dues to players
Talks spotlight cyberbullying in Brunei schools
Vietnam looks to restart nuclear power projects
Future Lao legal practitioners welcome Japan International Cooperation Agency experts’ lecture
Free condoms, HIV testing for public during Cambodian Water Festival
Late Mandopop diva Coco Lee’s grave falls into disrepair after just one year, leaving fans heartbroken
Malaysia, Singapore sign MOU to combat cross-border crime
Quiboloy undergoes more medical tests at Philippine Children’s hospital, says police
Three-day series of events to mark two years of Madani Govt

Others Also Read