China and Singapore 7 November began negotiations to upgrade a bilateral Free Trade Agreement. The two nations marked 25 years of establishment of diplomatic relations with a state visit by Chinese President Xi Jinping. Xi and Singapore Prime Minister Lee Hsien Loong witnessed the launch of negotiations to upgrade the China-Singapore Free Trade Agreement (CSFTA) on the second day of Xis state visit to the country. Both sides will endeavour to complete the review by 2016.
Singapore Trade and Industry Minister Lim Hng Kiang and Chinas Commerce Minister Gao Hucheng exchanged letters to signal the start of discussions to review the FTA that came into force in 2009. The upgraded CSFTA will provide Singapore businesses with enhanced trade facilitation and greater investment protection in China, as well as address investment barriers.
Both sides will also explore greater cooperation in areas such as legal services and financial
services. Singapore, rated as Asias financial hub and trading centre, also became China’s largest overseas direct investment destination in the Association of South East Asian Nations (ASEAN) in 2014.
Deals and MoUs:-
- Other deals signed include a framework agreement on the development of a government-to-government project in the southwestern Chinese city of Chongqing with an emphasis on strategic connectivity.
- This is the third joint project between the governments of Singapore and China, the first two being in Suzhou Industrial Park and Tianjin Eco-city.
- Representatives from both sides also signed Memoranda of Understanding on cooperation in education, urban planning and management and on the Sino-Singapore International Joint Research Institute in the Sino-Singapore Guangzhou Knowledge City.
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_____ proposed Rs.405.17 cr plan on enhancing water supply in 11 AMRUT cities during 2015-16?
