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PRC and Singapore finish negotiations on free trade deal

China and Singapore have wrapped up negotiations on a free-trade agreement (FTA), with the formal agreement due to be signed next month, the two governments said.

The final round of talks, led by Chinese Vice Premier Wang Qishan (王岐山) and Singaporean Deputy Prime Minister Wong Kan Seng (黃根成), finished on Thursday in the Chinese city of Tianjin, the Chinese and Singaporean trade ministries said in statements yesterday on their Web sites.

The FTA, China’s first with a nearby Asian country, covers trade, investment, travel, customs procedures and other related issues, the Singaporean Ministry of Trade and Industry said.

“The FTA will enhance our strong economic relations by further reducing and removing barriers to trade. This will create opportunities for businesses from both countries to grow their links in each others’ markets,” it said.

Trade between the two countries has surged since the two governments began negotiations on an FTA two years ago.

China is Singapore’s third-biggest trading partner and Singapore is China’s eighth-largest trading partner. Two way-trade totaled US$47.15 billion last year, up from US$40.86 billion in 2006.

Singaporean businesses and individuals had invested US$33 billion in mainland China by the end of last year.

The two sides plan to sign the formal agreement during a visit by Singaporean Prime Minister Lee Hsien Loong (李顯龍) to Beijing to attend a summit of Asian and European leaders, Singapore said in its statement.
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