China-Singapore FTA upgrade to further open service trade, investment markets

(ECNS) -- The China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol came into force on Tuesday, according to China's Ministry of Commerce.

The CSFTA highlighted that both countries will further open their respective service trade and investment markets. Both parties made commitments to liberalize services and investment based on a negative list model, marking the completion of China's first CSFTA using this model, the ministry said.

Regarding regulations, both sides have established high-standard institutional arrangements in areas such as service trade, investment and telecommunication, while expanding cooperation in emerging fields like the digital economy, it noted.

The ministry said the CSFTA will further stimulate the cooperation potential in the field of service trade after coming into effect and continuously enriching the development of an all-round high-quality future-oriented partnership between China and Singapore.

Negotiations on the CSFTA Further Upgrade Protocol began in 2020, and the protocol was signed in December 2023.