News

Economy

Staff Reporter

, Singapore

Published:

2 years ago

242 views

Minister for Trade and Industry Gan Kim Yong and PRC Minister of Commerce Wang Wentao sign the China-Singapore Free Trade Agreement Further Upgrade Protocol. (Photo from the Ministry of Trade and Industry)

SG, China strengthens free-trade agreement

China vowed not to impose foreign equity limits for Singapore investors in 22 sectors.

Singapore and China have signed the China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol, which will deepen collaboration between the two countries.

Under the Further Upgrade Protocol, Singapore will secure greater market access to China’s services sectors, including construction, retailing & wholesale, and architectural & urban planning services.

The protocol also paves the way for a new Telecommunications Services Chapter, which will provide clearer rules and enhanced transparency for telecommunications regulatory processes and facilitate industry collaboration for innovation and development.

In 2021, China was Singapore’s fourth largest trading partner in services, whilst Singapore was China’s third largest.

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