Singapore, China to launch talks for bilateral FTA
Channel NewsAsia, Singapore
Singapore, China to launch talks for bilateral FTA
By Ca-Mie De Souza, Channel NewsAsia’s China correspondent
25 August 2006
BEIJING: Singapore and China will start negotiations for a bilateral Free Trade Agreement (FTA).
The decision was made at the 3rd Joint Council for Bilateral Co-operation meeting between Singapore’s Deputy Prime Minister Wong Kan Seng and his Chinese counterpart Wu Yi in Beijing.
The decision was later reaffirmed when Mr Wong called on Chinese Premier Wen Jiabao.
Mr Wong told the Singapore media that a joint experts group had completed a study showing economic benefits to both sides if the FTA is pursued.
A statement from Singapore says the China-Singapore FTA will also contribute to regional economic integration by injecting additional momentum into the establishment of the China-ASEAN Free Trade Area.
Mr Wong said: "What remains to be done and now of course is a lot of work. It’s time for the officials to sit down and discuss the details of the Singapore-China FTA."
At the first meeting of the Joint Council for Bilateral Cooperation in 2004, it was announced that both countries would start negotiations for a bilateral FTA.
Singapore is China’s biggest trading partner in ASEAN.
Last year’s total trade reached some US$33 billion, a 26 per cent increase over the previous year.
The Singapore leader described his two days of meetings in Beijing as useful and fruitful.
There was a warm exchange with Premier Wen who noted that high-level exchanges and joint meetings between China and Singapore have helped boost political and economic cooperation.
Mr Wong said: "The relations between China and Singapore are very broad and multi-faceted. When I met Premier Wen this afternoon, he also said we should further broaden it and raise it to a higher level."
The annual meeting of the Joint Council for Bilateral Cooperation, a platform set up in 2003, covered a wide range of issues for cooperation.
These include increasing Singapore’s participation in China’s regional development, encouraging Chinese companies to set up shop in Singapore and list on the Singapore Exchange, as well as high-tech collaboration and human resource development.
Mr Wong said Singapore has supported China’s development strategy.
So far, the island has helped trained more than 8,000 Chinese officials.
After the meeting, the leaders also witnessed the signing of an agreement to boost cultural cooperation, paving the way for closer collaboration, for example, in television and film co-productions.
Singapore will also be participating in an ASEAN Cultural Week in China with a jointly-organised Southeast Asian Art exhibition.
