Xinhua | Updated: 2024-12-30
SINGAPORE — The China-Singapore Free Trade Agreement Further Upgrade Protocol, set to come into effect on Tuesday, will benefit businesses in three key areas, Singaporean Ministry of Trade and Industry said in a statement on Monday.
First, Singaporean investors and service providers will enjoy more liberal and transparent rules, leveling the playing field for investment and trade with China, the ministry said.
Second, Singaporean businesses will benefit from expanded market access to China through a “negative list” approach, which means that, by default, all sectors will be open to investors, except those specifically listed, it said.
Third, the introduction of a standalone Telecommunications Services Chapter will enhance transparency in domestic regulatory processes, foster competition, and encourage industry participation in collaborative activities for innovation and development, the ministry said.
The protocol, announced by China and Singapore in 2023, was agreed to enter into force on Dec 31 in November.
China has been Singapore’s largest merchandise trading partner since 2013, accounting for 13.9 percent of Singapore’s total merchandise trade with the world in 2023, the ministry reported.