Singapore’s Prime Minister’s Office (PMO) said on Thursday that Mr Wong and Vice Premier Ding agreed during the JCBC meeting that cooperation between both countries had been “comprehensive and progressive”, and that both sides should “continue to adopt a forward-leaning approach”.
At their earlier bilateral meeting, Mr Wong and Mr Ding noted the impact of global geopolitical tensions, climate change and the digital revolution on lives and livelihoods, added PMO.
“They also affirmed the importance of promoting greater people and business flows between both countries, as well as exploring collaborations to deepen connectivity, including cross-border financial connectivity,” PMO noted.
Along with the JCBC meeting, Mr Wong and Vice Premier Ding co-chaired the 24th China-Singapore Suzhou Industrial Park Joint Steering Council (JSC), the 15th Sino-Singapore Tianjin Eco-City JSC, and the 7th China-Singapore (Chongqing) Demonstration Initiative on Strategic Cooperation JSC.
These JSCs review the progress of and discuss further cooperation on the three flagship government-to-government projects.
CSFTA FURTHER UPGRADE PROTOCOL
Under the China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol, Singapore will secure greater market access to China’s services sectors, said the Ministry of Trade and Industry (MTI) in a press release.
China has committed to not limiting foreign equity limits for Singapore investors in 22 sectors such as construction, retail and wholesale, and architectural and urban planning services.
In 2021, China was Singapore’s fourth-largest trading partner in services while Singapore was China’s third-largest.
Singapore investors and service suppliers will “also enjoy more liberal and transparent rules that level the playing field for them to invest in and trade with China”, said MTI.
In terms of telecommunications, a new services chapter will be established to provide clearer rules and enhanced transparency for telecommunications regulatory processes, as well as facilitate industry collaboration for innovation and development, added MTI.
The CSFTA Further Upgrade Protocol was inked by Singapore’s Minister for Trade and Industry Gan Kim Yong and China’s Minister of Commerce Wang Wentao.
Mr Gan said: “I hope businesses will tap on this enhanced agreement to seize opportunities in China and I look forward to working more closely with my Chinese counterparts to enhance our cooperation in areas of mutual interest.”
The CSFTA, which is China’s first comprehensive bilateral free trade agreement with an Asian country, came into force in 2009.
When it was upgraded in 2019, bilateral trade and investments grew at 7 per cent and 7.7 per cent per year on average respectively.
Negotiations for this latest upgrade began at the 16th JCBC meeting in 2020 and concluded last month.
Source: CNA
