Catenaa, Tuesday, December 31, 2024 – The Further Upgrade Protocol of the China-Singapore Free Trade Agreement (CSFTA) officially came into effect today, December 31, 2024, marking a milestone in deepening economic ties between the two countries.
China’s Ministry of Commerce announced that the agreement aligns with high-standard international trade rules and significantly opens service trade and investment markets. Both countries have committed to a negative list model for market access, marking China’s first free trade agreement upgrade under this approach.
The protocol introduces high-standard regulations in services trade, investment, and telecommunications while promoting cooperation in emerging fields such as the digital economy. It is expected to foster further collaboration, unleashing growth potential in trade and investments and advancing the high-quality partnership between China and Singapore.
Negotiations for the upgrade began in 2020 and concluded in December 2023. The Ministry of Commerce emphasized that the protocol represents a new chapter in bilateral relations, showing a shared commitment to a future-oriented economic partnership.
