SINGAPORE: China’s Ministry of Commerce has announced that the Further Upgrade Protocol for the China-Singapore Free Trade Agreement (CSFTA) will officially take effect on Dec 31, 2024.
The upgraded agreement aims to deepen economic ties by significantly expanding market access and fostering cooperation in emerging sectors.
The protocol aligns with high-standard international economic and trade principles, providing enhanced opportunities in the services trade and investment sectors between the two nations, according to a ministry statement released on Monday.
China and Singapore have pledged greater openness in their services and investment markets using a “negative list” approach. This model specifies the sectors where restrictions remain, allowing all other areas to be open for trade and investment.
Notably, this marks the first time China has employed the negative list framework to conclude free trade agreement upgrade negotiations. The agreement also introduces advanced institutional measures in critical areas such as services trade, investment, and telecommunications.
Additionally, it promotes collaboration in emerging fields, including the digital economy, which is expected to create new growth opportunities.
According to the ministry, implementing the protocol is anticipated to unlock significant cooperation potential, enriching the comprehensive, high-quality, future-oriented partnership between China and Singapore.
Negotiations for the Further Upgrade Protocol commenced in 2020, and the finalized protocol was signed in December 2023.
Featured image by Depositphotos (for illustration purposes only)
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