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Singapore, China explore more potential for economic cooperation

Singapore and China are jointly exploring potential for further cooperation with recent moves to deepen economic and trade relations.
Singapore, China explore more potential for economic cooperation ảnh 1Illustrative image (Photo: Xinhua/VNA)

Hanoi (VNA) – Singapore andChina are jointly exploring potential for further cooperation with recent movesto deepen economic and trade relations.

On the sidelines of the first ChinaInternational Import Expo (CIIE) held recently in Shanghai, Singapore'sMinister for Trade and Industry Chan Chun Sing and China's Vice CommerceMinister Fu Ziying jointly announced the conclusion of negotiations on theupgraded China-Singapore Free Trade Agreement, according to China’s Xinhua NewsAgency.

Chan said the upgrade signals bothcountries' joint commitment towards not only greater economic collaboration butalso trade liberalization.

Other important ingredients in the economicand trade relations between the two countries are interconnection, financialcooperation and third-party market cooperation.

Ning Jizhe, deputy head of China'sNational Development and Reform Commission, said at the first Singapore-ChinaBRI Investment Forum in October that Chinahad become Singapore'slargest trading partner since 2013, and Singaporehad become China'slargest source of investment also for five consecutive years.

By the end of 2017, the cumulativeinvestment of Singapore to China was over 90 billion USD, and that of China to Singapore was over 36.6 billion USD.The two countries recorded a bilateral trade value of 79.2 billion dollars in2017, up 12.4 percent year on year.-VNA
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