Upgrading China-Singapore FTA to benefit people, firms

CHINA and Singapore yesterday signed a cooperation document on upgrading the two countries’ free trade agreement as the two sides had finalized the negotiations.

Chinese Premier Li Keqiang and Singaporean Prime Minister Lee Hsien Loong witnessed the signing of the document after holding talks.

Li arrived earlier yesterday to start his first official visit to Singapore, where he is expected to build momentum for free trade and regional cooperation.

Meeting Lee, the Chinese premier expressed the hope that the two sides seize the opportunity of the finalization of the FTA upgrading negotiations and lift two-way trade and investment to a higher level.

Upgrading the FTA will bring about real benefits to people and companies of the two countries and send to their business circles a strong signal of further expanding trade and investment, Lee said.

On the occasion of signing the FTA upgrading document, the two sides also signed cooperation documents on connectivity, finance, science and technology, environment, culture, and customs.

Li is also going to attend the 21st China-ASEAN (10+1) leaders’ meeting, the 21st ASEAN-China, Japan and South Korea (10+3) leaders’ meeting and the 13th East Asia Summit. Li will meet with leaders of the Association of Southeast Asian Nations on the progress of Regional Comprehensive Economic Partnership, a trade deal that, once agreed upon, could cover half the world’s population.

Amid rising protectionism and unilateralism, China will actively work with all relevant sides to promote China-ASEAN strategic partnership and the integration of East Asia, and to jointly deliver positive messages of focusing on cooperation, East Asia, development, multilateralism and free trade, Li said in a written statement on his arrival.

This is the first official visit by a Chinese premier to Singapore in 11 years. Singapore, a friendly close neighbor and important partner of China, holds the rotating ASEAN chairmanship this year.

Li said, during his visit, he wishes to draw from past experience, deepen cooperation and look for new development opportunities, bringing the allround cooperative partnership progressing with the times between China and Singapore to an even higher level.

Li’s visit is widely considered a key part among China’s manifold diplomacy to defend multilateralism and free trade that works in tandem with the recent China International Import Expo and Chinese President Xi Jinping’s scheduled attendance of the upcoming APEC meeting in Papua New Guinea and G20 summit in Argentina.

This year marks the 15th anniversary of the establishment of strategic partnership between China and ASEAN.