China, Singapore make progress in follow-up talks on trade-pact upgrade

BEIJING, June 26 (Xinhua): China and Singapore have achieved positive progress in the second round of follow-up talks on the upgrading of the China-Singapore Free Trade Agreement (CSFTA), the Ministry of Commerce (MOC) has announced.

The two countries conducted in-depth discussions on rules related to cross-border service trade, investment, telecommunications and other sectors in the meetings held via teleconference from June 17 to 25, according to the MOC.

The two sides also agreed to carry out negotiations on market access negative lists for service trade and investment in the next round of talks.

The CSFTA came into effect in January 2009.

The two countries launched follow-up talks over the upgrade to the pact in December 2020, with a view to advancing bilateral trade and investment liberalization and facilitation.

Meanwhile, construction of the operation center of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity began on Friday (June 25) in southwest China's Chongqing Municipality.

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched on Nov. 7, 2015. It is the third such cooperation initiative between China and Singapore, following the Suzhou Industrial Park established in China's eastern province of Jiangsu in 1994, and the Tianjin Eco-city inaugurated in 2008 in north China.

The agreements signed under this initiative mainly fall into four categories: financial services, aviation industry, transportation and logistics, and information and communication technologies.

The operation center will facilitate the listing of Chinese firms in Singapore, promote their issuance of overseas bonds and woo more Singaporean enterprises to settle in Chongqing