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On December 8, China and Singapore announced the launch of follow-up negotiations on the upgrade of the China-Singapore FTA. Could you brief us on China-Singapore trade in recent years? What are the highlights of the upgrade?(2020-12-10)

This year marks the 30th anniversary of China-Singapore diplomatic relations. Under the guidance of the leaders of the two countries, China-Singapore economic and trade cooperation has grown fast in recent years. China is Singapore’s largest trading partner. Singapore is China’s biggest source of incremental FDI and key investment destination. Following the outbreak of the pandemic this year, the two sides have carried out in-depth cooperation in healthcare and medical supplies, established a fast-track for the exchange of essential personnel, and jointly kept regional industrial and supply chains steady and open. At present, China-Singapore economic and trade cooperation are recovering steadily on all fronts. This year till October, bilateral trade reached US$ 71.56 billion, up 0.5% year-on-year. China’s direct investment in Singapore grew by nearly 1.3 times, whereas Singapore’s direct investment in China was up 7%. New contractual engineering deals between the two hit US$ 3.75 billion, up 10.6% year-on –year. These speak fully to the great resilience and huge potentials of bilateral cooperation.

The announced follow-up negotiations on FTA upgrade will focus on services and investment and go for the negative list approach to enhance policy transparency of bilateral services and investment, further raise bilateral services and investment liberalization and facilitation to create a better business environment for companies of the two countries and push for economic recovery and development of the two countries and the region.