China and Singapore sign quasi free trade agreement

CHINA and Singapore on Thursday signed a bilateral free trade agreement (FTA) in Beijing which will cut tariffs to zero for more than 85 per cent of Singapore exports when it comes into force in January.

The signing of the FTA, the first to be concluded by China with an Asian country, was witnessed by Chinese Premier Wen Jiabao and Singapore's Prime Minister Lee Hsien Loong, who is in China on a five-day official visit.

The pact, concluded after two years and eight rounds of negotiations which began in October 2006, 'is set to bring about advantages for Singapore businesses and consumers', said a statement from the Singapore's Ministry of Trade and Industry.

'This FTA also comes at a particularly important time, as it underscores Singapore's commitment to the trade liberalisation process amidst an increasingly challenging global economic environment,' said MTI.

LNK

China and Singapore sign quasi free trade agreement

China and Singapore sign quasi free trade agreement

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