China, Singapore sign free trade agreement

23 October 2008 11:26  [Source: ICIS news]

SINGAPORE (ICIS news)--China and Singapore signed a free trade agreement (FTA) on Thursday after two years of negotiations, the Singapore Ministry of Trade and Industry said in a statement.

The trade pact - the first time that China has sealed a comprehensive bilateral FTA with an Asian country - is to take effect in January 2009, the ministry said.

The China-Singapore Free Trade Agreement (CSFTA) covers trade in goods, rules of origin, trade remedies, trade in services, movement of natural persons, investment, customs procedures, technical trade barriers, sanitary and phytosanitary measures and economic cooperation.

With the exception of about 260 products, the agreement will give all Singapore goods tariff-free access to China by 2010.

“Key exports that will benefit include petrochemicals, processed foods and electronics and electrical products,” the Singapore ministry said.

Singapore and China would also promote cooperation in areas such as standards, compliance and customs procedures, with further hopes to facilitate trade in electronics and electrical and telecommunications equipment.

Last year, Singapore’s trade with China was at a record high of Singapore dollars (S$) 91.6bn ($61.1bn). The city-state is China’s eighth largest trading partner.

China is Singapore’s top investment destination, with cumulative investments totalling $33bn at the end of 2007, the Singapore ministry said.

($1 = S$1.50)

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By: Pearl Bantillo
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