SINGAPORE AND CHINA HOLD FIRST ROUND OF NEGOTIATIONS ON THE CHINA-SINGAPORE FREE TRADE AGREEMENT

China and Singapore held the first round of the China-Singapore FTA (CSFTA) talks on 26 October 2006 in Beijing.

2At the 3rd Joint Council for Bilateral Cooperation (JCBC) Meeting in August 2006, Deputy Prime Minister Wong Kan Seng and Vice-Premier Wu Yi agreed to launch negotiations for the bilateral FTA.

3The first round of talks covered the negotiating mechanism and the scope of the Agreement. When concluded, the FTA will be a comprehensive one, extending beyond Trade in Goods, Trade in Services and Investment. The Agreement will also encompass cooperation initiatives in various areas.

4China and Singapore enjoy excellent bilateral ties. In 2005, two-way trade totaled S$ 67.1 billion, and Singapore was China's 6th largest foreign investor in terms of actual FDI. The FTA will further enhance the strong bilateral economic and political linkages, as well as contribute to the development of the ASEAN-China Free Trade Area. To this end, both sides hope to conclude the CSFTA negotiations as expeditiously as possible.

MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
26 OCTOBER 2006