China Up­grades Free Trade Agree­ment with Sin­ga­pore

NewsChina - - NEWS BRIEF -

The Chi­nese and Sin­ga­porean gov­ern­ments reached an agree­ment on up­grad­ing the bi­lat­eral Free Trade Agree­ment on Novem­ber 12.

The new agree­ment, ac­cord­ing to China's Min­istry of Com­merce, con­forms to China's pledge to pro­mote an open world econ­omy pro­posed at the Chi­nese Com­mu­nist Party's 19th Congress. Ne­go­ti­a­tions have been on­go­ing since July 2015.

Based on the old agree­ment signed in 2008, the new agree­ment will see China sim­plify for­mal­i­ties re­lated to cus­toms clear­ance and trans­porta­tion, con­nect with Sin­ga­pore on ori­gin in­for­ma­tion and ex­pand the range of the free trade deal.

Sin­ga­pore prom­ises to open its mar­ket wider in the fields of ex­press de­liv­ery, en­vi­ron­men­tal en­gi­neer­ing and air trans­port. It also agrees to give China one more quota for Qual­i­fy­ing Full Bank priv­i­leges that al­low the in­volved banks to launch re­tail busi­nesses in Sin­ga­pore and open more premises there.

China's Belt and Road Ini­tia­tive was for the first time writ­ten into the new agree­ment, which is ex­pected to pro­mote the re­gional econ­omy and peace by of­fer­ing more op­por­tu­ni­ties for co­op­er­a­tion and com­mu­ni­ca­tion.

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