China And Singapore Free Trade Agreement

In addition, Singaporean investors will benefit from greater investment protection in China and improved trade facilitation. With regard to express delivery, the environment, air transport, law, construction and shipping, the enhanced free trade agreement contains other trade obligations. The protocol for modernizing the Free Trade Agreement between China and Singapore includes cooperation in six sectors included in the original CSFTA – rules of origin, customs procedures and trade facilitation, trade remedies, trade in services, investment and economic cooperation – and adds three new sectors – e-commerce, competition policy and the environment. As far as trade in goods is concerned, at least 90% of the goods of both parties will not have gradual access to customs on the markets of the other party. In terms of services, Costa Rica will open an additional 45 sectors to China, including telecommunications, education and tourism, while China will open seven more service sectors in Costa Rica. Under the agreement, nearly 96% of products are subject to zero tariffs on customs number and nearly 100% of trade volume For China, the CSFTA abolished tariffs on all Chinese exports to Singapore. While most sectors were already tariff-free for China, some sectors, such as beer producers, benefited greatly from the agreement. China has also benefited from better access to investment in Singapore`s education services sector. Negotiations on the free trade agreement began for the first time in September 2004, when trade ministers from both countries met on the sidelines of the ASEAN Plus Three economic ministers meeting. The first round of negotiations was launched in May 2012. The two sides signed the free trade agreement in June 2015, after 14 rounds of negotiations.

Since the implementation of the China-Pakistan Free Trade Agreement, companies in both countries have been offered more business and comfort opportunities, and consumers in both countries have more benefits. Bilateral trade continued to grow rapidly, growing from $6.9 billion in 2007 to $16 billion in 2014, with annual growth of about 15.3%. The Free Trade Agreement between China and Switzerland is the first bilateral free trade agreement signed between China and a country on the European continent and one of the world`s top 20 economies.