Thursday, December 7, 2023
Singapore and China have formally signed an upgraded free trade agreement aimed at providing Singaporean businesses with enhanced access to Chinese markets.
This milestone was announced during the 19th Joint Council for Bilateral Cooperation (JCBC) meeting held at the Hilton Tianjin Eco-City hotel.
Co-chaired by Singapore’s Deputy Prime Minister Lawrence Wong and Chinese Vice Premier Ding Xuexiang, the JCBC meeting facilitated the signing of a total of 24 agreements and memorandums of understanding (MOUs) between the two nations, covering areas such as sustainability, education, trade, food security, and healthcare.
The upgraded China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol is expected to offer Singaporean businesses greater market access to China’s services sectors. China has committed to removing limitations on foreign equity for Singapore investors in 22 sectors, including construction, retail and wholesale, and architectural and urban planning services. Additionally, Singaporean investors and service suppliers will benefit from more liberal and transparent rules, fostering a level playing field for investment and trade with China.
In the realm of telecommunications, the upgraded protocol introduces a new services chapter, providing clearer rules and enhanced transparency for telecommunications regulatory processes. This move is expected to facilitate industry collaboration, encouraging innovation and development in the telecommunications sector.
The signing of the upgraded free trade agreement marks a significant step in the economic cooperation between Singapore and China. Negotiations for this latest upgrade began at the 16th JCBC meeting in 2020 and were successfully concluded last month. The CSFTA, which came into force in 2009, has been a cornerstone of the economic relations between the two countries. Its 2019 upgrade resulted in substantial growth in bilateral trade and investments, averaging 7% and 7.7% per year, respectively.
During the JCBC meeting, both Deputy Prime Minister Lawrence Wong and Vice Premier Ding Xuexiang highlighted the comprehensive and progressive nature of cooperation between Singapore and China. The leaders also emphasized the importance of fostering greater people and business flows between the two nations, considering the impact of global geopolitical tensions, climate change, and the digital revolution on lives and livelihoods.
In addition to the free trade agreement, other agreements announced include a 30-day mutual visa-free travel arrangement and collaborative efforts in various sectors. The JCBC meeting served as a platform to review and discuss further cooperation on government-to-government projects, reinforcing the commitment to a sustainable and mutually beneficial partnership.
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