China and Singapore wrap up talks to upgrade free-trade agreement

Negotiations started three years ago and upgraded deal is expected to be signed at a later date

It includes broader economic cooperation on legal and financial services, e-commerce and the environment

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Singapore’s Minister for Trade and Industry Chan Chun Sing (left) and Chinese Vice-Commerce Minister Fu Ziying meet in Shanghai on Monday. Photo: Handout

Published: 11:48pm, 5 Nov 2018Updated: 12:43am, 6 Nov 2018

China and Singapore have concluded talks to upgrade their free-trade deal, bringing to an end three years of negotiations.

The agreement was reached during a meeting between Chinese Vice-Commerce Minister Fu Ziying and Singaporean Minister for Trade and Industry Chan Chun Sing on the sidelines of the China International Import Expo in Shanghai, the Chinese commerce ministry said in a statement late on Monday.

Talks to upgrade the free-trade agreement, which took effect in January 2009, started after Chinese President Xi Jinping visited Singapore in November 2015.

The statement said the two countries would sign the upgraded trade protocol at a later date. The agreement includes broader economic cooperation between the two Asian economies on legal and financial services, as well as e-commerce and the environment.

In a speech to open the China International Import Expo in Shanghai, Xi Jinping said Beijing would further open the economy and cut import tariffs. Photo: AP

The announcement came hours after Xi said the country would further open its economy and cut import tariffs amid global economic uncertainties, during a speech to open the expo.

Xi also said China would seek to boost domestic consumption, strengthen enforcement of intellectual property protection and push forward trade talks with Europe, Japan and South Korea.