Singapore and China sign a free trade agreement upgrade protocol

Singapore and China signed a protocol for the escalation of the free trade agreement, and the "Southbound Passage" was officially renamed as "the new channel for international land and sea trade".

Source: Singapore Enterprise Development Board Today

On November 12, witnessed by Singapore’s Prime Minister Lee Hsien Loong and Chinese Premier Li Keqiang, Singapore’s Minister of Trade and Industry Chen Zhensheng and China

New China Channel.jpg The International Trade Negotiator and Deputy Minister of the Ministry of Commerce Fu Ziying signed the "Proposed Agreement on the Upgrade of China-Singapore Free Trade Agreement" on behalf of the two governments, which will greatly increase the level of trade facilitation between the two sides and further enhance the new China and China. Trade exchanges.

The post-upgraduate trade agreement not only upgrades the six areas of origin rules, customs procedures and trade facilitation, trade relief, trade in services, investment, and economic cooperation included in the original agreement, but also adds e-commerce, competition policy and Three areas such as the environment.

Minister Chen Zhensheng said: "The upgrade of the free trade agreement marks the commitment of the two countries to strengthen bilateral economic cooperation and develop an open and rule-based market trading system based on market demand. The China-Singapore Free Trade Agreement Upgrade Protocol is The cornerstone of the bilateral relationship between the two countries, we look forward to the rapid approval of the upgrade agreement. "The China-Singapore Free Trade Agreement entered into force on January 1, 2009 and is the first comprehensive free trade agreement signed between China and Asian countries. In November 2015, when Chinese President Xi Jinping visited Singapore, the two countries initiated negotiations on the escalation of the China-Singapore FTA.

Since 2013, Singapore has been China's largest source of investment for five consecutive years, and China is Singapore's largest trading partner. According to statistics from China Customs, the bilateral trade volume between the two countries in 2017 was about 546.68 billion yuan (about 109.426 billion yuan), an increase of about 12.4%. The “Southward Passage” of the Sino-Singapore (Chongqing) Project was renamed as “New International Land and Sea Trade Channel”. In addition to many bilateral cooperation in the areas of FTA upgrade, interconnection, finance, science and technology, environment, culture and customs, Xinzhong double

                                                                                                                                                                                    Photo source: Singapore Ministry of Communications and Communications.

The party also agreed to officially change its “Southbound Channel” under the Sino-Singapore (Chongqing) Strategic Interconnection Demonstration Project to the “Chongqing Connectivity Initiative International Land-Sea Trade Corridor”.

The new international land and sea trade channel will continue to promote four priority areas, namely financial services, aviation, transportation and logistics, information and communication technology and other modern service industries. This channel uses air, water, rail, land and other multimodal transport modes to transport goods from the western provinces of China from Chongqing to the south through the Guangxi-Chongqing Bay Qinzhou Port to Singapore-based Asian trade and logistics center. Compared with the traditional sea passages in eastern China, the use of this channel will save 10 days, becoming the channel of “one belt” and “one road” in China's “Belt and Road” initiative, and greatly promote cross-border trade. This channel will also promote Southeast Asia's trade in western China, which is dominated by Chongqing.

In this context, Singapore and Chongqing will play the corresponding role of “dumbbell” effect in Southeast Asia and western China respectively, creating more market opportunities for both companies.

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