BEIJING -- The China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol will enter into force on Dec 31, 2024, China's Ministry of Commerce said on Monday.

In alignment with high-standard international economic and trade rules, the protocol will open the services trade and investment markets between China and Singapore to a greater extent, according to a statement from the commerce ministry.

In terms of market access, both parties have made commitments to opening their services and investment markets based on a negative list model, marking China's first completion of free trade agreement upgrade negotiations using this model, the ministry said.

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

The implementation of the protocol is expected to unleash further cooperation potential in the services trade and investment areas between the two countries, continuously enriching the development of an all-round high-quality future-oriented partnership between China and Singapore, according to the statement.

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