Economy

Singapore, China hold 1st review of bilateral FTA

(Xinhua)
Updated: 2010-04-16 11:09

SINGAPORE - Singapore and China concluded the first round of review of the China-Singapore Free Trade Agreement (CSFTA) here on Thursday.

The review, which was held here from April 14 to 15, reaffirmed both countries' commitment to improve the quality and smoothen the implementation of the bilateral trade agreement.

The CSFTA came into force on Jan 1, 2009 and is the first comprehensive bilateral FTA that China has signed with an Asian country.

During the review, officials from both sides welcomed the CSFTA 's continued progress in boosting flows of goods, services and investments in both directions. A detailed review of the implementation of the commitments made under the FTA was undertaken with both parties exploring ways to continue building on the FTA to expand trade and investment linkages. Proposals to further improve access to each other's market were also examined.

A statement from Singapore's Ministry of Trade and Industry (MTI) said that as the world economy continues to improve, both countries noted that the CSFTA would need to continually evolve to maintain its relevance to meet the needs of the Singapore and China's business communities.

According to the MTI, China is currently Singapore's third largest trading partner and the largest investment destination.