Trade agreement signed between China and Singapore
According to the Ministry of Commerce, China and Singapore signed a free trade agreement that will help the two countries cushion the impact of the global financial crisis.
Singapore Prime Minister Lee Hsien Loong, who is in Beijing for the 7th Asia-Europe Meeting (ASEM7), witnessed the signing of the pact. It is the first comprehensive FTA between Beijing and another Asian country that will come into force from Jan 1 on completion of the legislative processes.
Wen said the agreement marks “a leap forward” in bilateral relations prior to the signing ceremony, while Lee said the FTA is “testimony to the strength of our relationship and reflects our intention to broaden our exchanges and ties”. He also said that the ASEM will provide opportunities to exchange wills under the major unstable environment.
The Ministry of Commerce said in a statement that China has agreed to eliminate tariffs on 97.1 percent of goods from Singapore from 2012, while the city will scrap taxes on all goods imported from China next year. The signing of the pact will help both countries stabilize and increase economic and trade growth. It also allows China to open wholly owned hospitals as well as schools and training centres in Singapore. Investors from Singapore can own up to 70 percent of individual hospitals in China.
The Singapore government made a statement that as China is the largest and fastest growing markets in the world, the agreement will foster the access of Singapore companies to Chinese market and promote the bilateral relationship on trade and investment.
BOPVIA also has a lot of clients in Singapore. We believe the agreement will better help the trade between us and our clients from Singapore.
According to figures from the Singapore government, China is the third largest trading partner with Singapore and its largest investment destination; while Singapore is China’s eighth largest trade partner and its seventh largest investor.
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