China and Singapore have reached an agreement to upgrade the China-Singapore Free Trade Agreement (CSFTA) and have also implemented a 30-day mutual visa exemption for ordinary passport holders. The announcement followed a meeting between Ding Xuexiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, and Lawrence Wong, Deputy Prime Minister and Minister for Finance of Singapore. The officials co-chaired several meetings, including the China-Singapore Joint Council for Bilateral Cooperation. Both sides expressed the importance of focusing on the new direction of their relations, upgrading existing cooperation, exploring new areas of collaboration, and implementing important consensus reached by their leaders. The upgraded CSFTA includes a commitment to a negative-list model of services and investment opening-up, expanding cooperation in emerging fields like the digital economy. The 24 outcomes of cooperation also cover initiatives to promote high-quality Belt and Road cooperation, deepen collaboration in third-party markets, and enhance cultural and people-to-people exchanges.
Source – CGTN
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