Free Trade Agreement Between China And Singapore

For China, the CSFTA abolished tariffs on all Chinese exports to Singapore. While most sectors were already tariff-free for China, some sectors, such as beer producers, benefited greatly from the agreement. China has also benefited from better access to investment in Singapore`s education services sector. Chinese Trade Minister Gao Hucheng (l.) shakes hands with his South Korean counterpart, Yoon Sang-jick, after the signing of the agreement on June 1, 2015 in Seoul. [Xinhua] Negotiations began in 2005 and were greatly accelerated after Chinese President Xi`s state visit to Australia in November 2014. The agreement was signed on June 17, 2015. Chinese President Hu Jintao (right, back) and former Chilean President Sebastian Pinera will participate in the signing ceremony of a complementary investment agreement in Vladivostok, eastern Russia, on September 9, 2012. [Xinhua] The China-ASEAN Free Trade Area (FTA) was fully completed on 1 January 2010 and since then China has become ASEAN`s largest trading partner, while ASEAN has become China`s third largest trading partner. China and Singapore signed the China-Singapore Free Trade Agreement on October 23, 2008, during a visit to China by Singapore`s Prime Minister Lee Hsien Loongs.

Under the agreement, the two countries will accelerate the liberalization of merchandise trade on the basis of the China-ASEAN Free Trade Agreement and further liberalize trade in services. The environmental chapter ensures closer cooperation between the two states in the relevant areas. It also contains specific provisions to avoid a reduction in environmental standards for commercial defence purposes. Chinese Premier Li Keqiang and ASEAN leaders will participate in a signing ceremony on 22 November 2015 in Kuala Lumpur, Malaysia, to sign the protocol amending the framework agreement on global economic cooperation between China and ASEAN. [Xinhua] The Free Trade Agreement between China and Switzerland is the first bilateral free trade agreement signed between China and a country on the European continent and one of the world`s top 20 economies. The protocol for modernizing the Free Trade Agreement between China and Singapore includes cooperation in six sectors included in the original CSFTA – rules of origin, customs procedures and trade facilitation, trade remedies, trade in services, investment and economic cooperation – and adds three new sectors – e-commerce, competition policy and the environment. Negotiations on the free trade agreement began in August 2006 and both sides completed negotiations in September 2008, during eight rounds of negotiations. The China-Singapore Free Trade Agreement is a comprehensive free trade agreement that includes trade in goods, trade in services, staff flows and customs procedures.

Under the agreement, nearly 96% of products are subject to zero tariffs, and nearly 100% of trade between China and South Korea rose from US$6.4 billion in 1992, when the two countries established diplomatic relations, to US$235.4 billion in 2014.