Mr. Wong and Vice Premier Ding concurred during the JCBC meeting that cooperation between the two nations had been” comprehensive and progressive” and that both sides should” continue to adopt a forward-leaning approach,” according to Singapore’s Prime Ministers Office ( PMO ) on Thursday.
The impact of climate change, the digital revolution, and international political tensions on lives and livelihoods were noted by Mr. Wong and Mrding  at their earlier bilateral meeting, according to PMO.
They “also affirmed the significance of fostering greater human interaction and trade between the two nations, as well as exploring partnerships to improve communication, including cross-border economic communication,” according to PMO.
Mr. Wong and Vice Premier Ding co-chaired the JCBC meeting as well as the 24th China-Singapore Suzhou Industrial Park Joint Steering Council ( JSC), the 15th Sino-Somali Tianjin Eco-City JSC, and the 7th Chinese-Southern Singapore ( Chongqing ) Demonstration Initiative on Strategic Cooperation.
These JSCs evaluate the three lineup government-to-government jobs ‘ development and talk about potential future collaboration.
UPGRADE PROTOCOL CSFTA FURTHER
Singapore will gain more market access to China’s service sectors under the China- Singapore Free Trade Agreement ( CSFTA ) Further Upgrade Protocol, according to a press release from the Ministry of Trade and Industry ( MTI).
In 22 industries like construction, retail and wholesale, and structural and industrial planning service, China has committed to not limiting foreign ownership restrictions for Singapore investors.
China was Singapore’s fourth-largest buying companion in the service sector in 2021, while Singapore was the third largest.
According to MTI, Singaporean investors and service providers will “also like more democratic and clear guidelines that level the playing field for them to participate in and trade with China.”
According to MTI, a fresh services book will be established in the area of telecommunications to help business collaboration for innovation and development as well as provide clearer rules and increased transparency for regulatory processes.
Chinese Minister of Commerce Wang Wentao and Singaporean Minister for Trade and Industry Gan Kim Yong signed the CSFTA More Upgrade Protocol.
” I hope companies will take advantage of this increased partnership to acquire options in China, and I look forward to working more closely with my Chinese rivals to improve our assistance in areas of common attention,” Mr. Gan said.
China’s initial extensive diplomatic free trade agreement with an Asian nation, the CSFTA, went into effect in 2009.
When it was updated in 2019, bilateral trade and investments increased on average by 7 % and 7.7 %, respectively.
The 16th JCBC gathering in 2020 saw the start of negotiations for this most recent update, which ended last quarter.