China, Singapore sign free trade pact

Source: Xinhua | 10-23-2008 14:15

BEIJING, Oct. 23 (Xinhua) -- China and Singapore on Thursday signed a bilateral free trade agreement (FTA) ahead of the seventh Asia-Europe Meeting (ASEM) to be held here on Oct. 24-25.

Chinese Premier Wen Jiabao (R) and Singaporean Prime Minister  Lee Hsien Loong make a toast after the signing of a bilateral  free trade agreement (FTA) in Beijing on Thursday, Oct. 23,  2008.(Xinhua Photo)

The signing of the FTA was witnessed by Chinese Premier Wen Jiabao and Singaporean Prime Minister Lee Hsien Loong who kicked off his China visit on Wednesday afternoon.

Negotiations for the China-Singapore FTA began in October 2006.

Previous reports said the FTA covers trade in goods, rules of origin, trade remedies, trade in services, movement of natural persons, investment, customs procedures, technical barriers to trade, sanitary and phytosanitary measures and economic cooperation.

Trade between the two countries reached 47.15 billion U.S. dollars in 2007. Singapore is China's eighth largest trade partner and the seventh largest investor.