Singapore and China signed an upgraded free trade agreement (FTA) on 12 November 2018, as Chinese leader Li Keqiang began his first official visit to Singapore as premier.
According to Today Online’s report, the expanded deal will give Singapore businesses greater access to China’s construction service, legal and maritime sectors, and stronger protection for their investments.
For example, Singapore construction firms in the Shanghai Free Trade Zone, Suzhou Industrial Park, Tianjin Eco-City, and the Chongqing Connectivity Initiative can take on joint construction projects in the respective Chinese cities.
In turn, Singapore will open up its air transport, courier and environmental sectors to Chinese companies that want to compete here.
The upgraded FTA was signed by Singapore Trade and Industry Minister Chan Chun Sing and Chinese Vice-Minister of Commerce Fu Ziying. It was witnessed by Singapore Prime Minister Lee Hsien Loong and visiting Chinese Premier Li.
The two sides also exchanged several bilateral agreements, including one to elevate the China-Singapore Guangzhou Knowledge City to a state-level bilateral co-operation project, and an MoU to develop the New International Land-Sea Trade Corridor under the Chongqing Connectivity Initiative, a trade route linking Western China with Southeast Asia and the rest of the world.
Negotiations on the upgraded FTA began in November 2015, with eight rounds of talks held in Singapore and Beijing. — Construction+ Online
