China and Singapore negotiated to upgrade their FTA
Singapore and China have recently completed negotiations on an upgraded free trade agreement that will improve market access for businesses in both countries. The agreement will provide more transparent and advanced eco-nomic practices, including liberal and transparent rules to level the playing field for investors and service suppliers.
The China-Singapore Free Trade Agreement (CSFTA) was signed in 2008 and upgraded in 2018. The upgrade of the CSFTA will improve bilateral trade and investment. It was China’s first comprehensive bilateral FTA that it concluded with an Asian country. The upgraded FTA will undergo ratification before com-ing into force which is expected to take place this year.
The improved agreement seeks to demonstrate that business ties between China and Singapore are on course to upgrade towards new levels, in line with both countries’ strong commitment to the multilateral push for the regional integration of the Association of Southeast Asian Nations (ASEAN).
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