Negotiations on free trade and double taxation avoidance agreements between China and Singapore are to commence later in the year, it emerged last week.
Following discussions with Chinese Vice-Premier Wu Yi last week, Singapore’s Deputy Prime Minister and Finance Minster, Lee Hsien Loong, stated that negotiations towards these agreements will commence in November 2004 when Asean (Association of South East Asian Nations) leaders meet with their counterparts from China, Japan and South Korea and the goods chapter of a China-Asean accord has been finalised.
“Things are going well. So by November we will be ready to launch the bilateral FTA. But whatever happens to the China-Asean FTA, we are going to launch the China-Singapore FTA in November,” announced Lee.
The Deputy PM also confirmed that the two states will commence negotiations on the updating of the existing eighteen-year-old double taxation avoidance agreement.
In a further gesture of cooperation, the Monetary Authority of Singapore and the China Banking Regulatory Commission signed an agreement to share information relating to developments that may affect the banking industries of either country.
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