SG, China conclude talks on enhanced free trade agreement
The enhancements will create a conducive environment for businesses.
Singapore and China have substantively concluded discussions on the free trade agreement for subsequent negotiations, intended to create a more conducive environment for businesses.
Singapore Minister for Trade and Industry Gan Kim Young inked a Memorandum of Understanding with China Minister of Commerce Wang Wentao to announce the substantive conclusion of the China-Singapore Free Trade Agreement (CSFTA) Work Programme for Subsequent Negotiations.
The Subsequent Negotiations added enhancements in several of CSFTA's areas, including more liberal and transparent rules that level the playing field for investors and service suppliers.
A newly-added standalone Telecommunications Services Chapter provides enhanced transparency in domestic regulatory processes, promotes competition, and facilitates industry participation in collaborations for innovation and development.
The Subsequent Negotiations also added investment and services liberalisation elements and market access in the CSFTA to adopt a more liberal structure and provide improved market access commitments by both countries.
Minister Gan said the substantive conclusion of CSFTA's Subsequent Negotiations demonstrated Singapore and China's close and longstanding bilateral economic cooperation and the continued commitment towards free trade and a rules-based trading system.