Singapore Free Trade Agreement With China


Under the agreement, nearly 96% of products are subject to duty-free and nearly 100% of China`s trade volume is Australia`s largest trading partner, with a reciprocal flow of goods and services of more than $135 billion in 2014. The Free Trade Agreement (FTA) between China and Iceland entered into force on 1 July 2014. Iceland is the first developed European country to recognise China as a full market economy and the first European country to negotiate a free trade agreement with China. Apart from CSFTA, Singapore is also a partner of China`s FTA through its membership in the Association of South Asian Nations (ASEAN), which has signed an FTA with China – the ASEAN-China Free Trade Area (ACFTA) FTA. However, the ACFTA is not as comprehensive as the CSFTA. CSFTA was the first comprehensive free trade agreement signed by China with another Asian country. It focuses largely on the liberalization of trade in goods. Chinese Premier Li Keqiang and ASEAN leaders attend a signing ceremony of the Protocol Amending the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN in Kuala Lumpur, Malaysia, november 22, 2015. [Xinhua] On April 7, 2008, wen Jiabao, then Chinese Prime Minister, and former New Zealand Prime Minister Helen Clark attended the signing of the China-New Zealand Free Trade Agreement (FTA), which entered into force on October 1, 2008, in Beijing. It is the first comprehensive free trade agreement ever signed by China and the first free trade agreement signed by China with a developed country. China and New Zealand formally began free trade negotiations in December 2004 and concluded talks in December 2007, after 15 rounds of negotiations. Then, Chinese President Hu Jintao (R, back) and former Chilean President Sebastian Pinera will participate in the signing ceremony of a complementary investment agreement to the Sino-Chilean Free Trade Agreement in Vladivostok, eastern Russia, on September 9, 2012.

[Xinhua] Domestic treatment means that each party is treated no less favourably than its own investors in terms of the management, conduct, operation and sale or other disposal of investments in its territory. China currently has 16 free trade agreements with 24 countries or regions, including the ASEAN-China Free Trade Agreement, where Singapore is also a member country. Bilateral trade between China and Costa Rica rose to $5.3 billion in 2014, a 145 percent increase from 2006. For China, the CSFTA has eliminated tariffs on all Chinese exports to Singapore. While most sectors were already duty-free for China, some sectors, such as beer producers, have benefited greatly from the agreement. China has also gained better access to investment in Singapore`s education services sector….

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