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China signed an upgraded free trade agreement with Singapore to further boost trade and investment liberalization between the two countries and solidify their economic ties, the Ministry of Commerce said on Thursday.
Both sides agreed to liberalize services and investment in the form of a negative list, thereby creating more market space for investors and service providers from both countries, the ministry said, adding that efforts will be made to further expand cooperation in emerging areas such as the digital economy.
Noting the signing of the upgraded pact as a new milestone in China-Singapore economic and trade relations, the ministry said it will further stimulate the potential of services trade and investment cooperation between the two countries and provide more solid institutional safeguards for enterprises to participate in each other's markets.
Over the past three years, the two sides have completed all negotiations after several rounds of consultations since December 2020. Going forward, China and Singapore will expedite their respective domestic legal steps and strive for the early implementation of the upgraded protocol, the ministry said.
