China signed an upgraded free trade agreement (FTA) with Singapore during Chinese Premier Li Keqiang’s official visit to the island country on Monday.
The FTA, alongside 10 memorandums of understanding, were reached during talks between Li and Singaporean Prime Minister Lee Hsien Loong.
Under the agreement, Singaporean businesses will gain greater access to the Chinese market and stronger investment protection. In return, Singapore’s air transport, courier and environmental sectors will open up to Chinese companies that want to compete there. Further, a third Chinese bank will be granted the scope to conduct a full range of banking services in Singapore.
The two sides also agreed to jointly build the New International Land-Sea Corridor, which will consist of a number of cargo routes connecting central and southwest China to Southeast Asia.
There are also plans to advance the building of the Guangzhou Knowledge City, which will focus on strategic emerging industries such as advanced manufacturing, smart cities and the digital economy.
In 2009, Singapore became the first Asian country to sign a comprehensive free trade agreement with China. From 2013 to 2017, China was Singapore’s largest trading partner and its top foreign investment destination.
According to Chinese General Administration of Customs , total bilateral trade between the two countries reached $79.2bn in 2017, a year-on-year increase of 12.4 percent.
Li will attend the 33rd Association of Southeast Asian Nations (ASEAN) Summit and related summits, before returning home on Friday.
Source: The Straits Times
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
