BEIJING – In a significant stride towards deepening economic ties, the China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol is scheduled to enter into force on December 31, 2024.
According to China’s Ministry of Commerce, the protocol aligns with high-standard international economic and trade rules, promising to further open services trade and investment markets between China and Singapore. This enhancement is poised to usher in a new era of bilateral cooperation, benefiting businesses and investors from both countries.
First Negative List Model Adoption
One of the key features of the upgrade is the adoption of a negative list model for market access. Both parties have committed to opening their services and investment markets based on this model, marking the first time China has completed free trade agreement upgrade negotiations using this approach. This shift signifies a major advancement in how the two nations facilitate trade and investment.
High-Standard Institutional Arrangements
The protocol establishes high-standard institutional arrangements in crucial areas such as services trade, investment, and telecommunications. Additionally, it expands cooperation into emerging fields like the digital economy, reflecting the evolving landscape of global trade and the growing importance of technology-driven sectors.
Enhancing Future-Oriented Partnership
The implementation of the protocol is expected to unlock new potentials for cooperation in services trade and investment. It aims to continuously enrich the development of an all-round high-quality future-oriented partnership between China and Singapore, strengthening their roles as key players in the regional and global economies.
Negotiations for the CSFTA Further Upgrade Protocol began in 2020, culminating in its signing in December 2023. The forthcoming enforcement of this protocol underscores the commitment of both nations to foster closer economic ties and to support the sustained growth of their respective economies.
