China and Singapore have agreed to launch negotiations for a bilateral free trade agreement (FTA).
The decision was made at the 3rd Joint Council for Bilateral Cooperation (JCBC) meeting co-chaired by China's Vice Premier Wu Yi and Singapore's Deputy Prime Minister Wong Kan Seng, in Beijing.
It follows the completion of a study by a Joint Experts Group showing long-term economic benefits to both sides, and the decision was reaffirmed when the Deputy Prime Minster called on Chinese Premier Wen Jiabao last Friday.
Building on existing frameworks of cooperation, the enhanced liberalisation in goods, services and investments is expected to benefit the people and economies of both countries. The FTA will also provide businesses and investors with improved policy regimes to enhance trade and investment. Beyond direct economic benefits to both sides, the China-Singapore FTA will also contribute to regional economic integration by injecting additional momentum into the establishment of the China-ASEAN Free Trade Area.
"The China-Singapore FTA will be a positive development and will further cement our bilateral relations, elevating our strategic and economic ties to new heights," a statement issued by the Singapore government said.
"Singapore looks forward to working with China to bring about the successful conclusion of the China-Singapore FTA," the statement added.
The China-Singapore trade relationship has grown significantly in both scale and depth over the past decade. Bilateral trade in 2005 reached a record of US$33.15 billion, a 26% increase over 2004. China is now Singapore’s 4th largest trading partner while Singapore is China’s 7th largest trading partner.
China is also Singapore’s top investment destination, with cumulative actual investments totalling nearly US$28 billion as at end-2005. Singapore is China’s 6th largest foreign investor and the largest from ASEAN.
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