The Minister of Culture, Community and Youth Minister Liu Yanling of the Ministry of Trade and Industry of Singapore disclosed that the upgraded version of the new China Free Trade Agreement is expected to be signed by the end of this year.

Liu Yanling attended the New China Economic and Trade and Investment Forum held in Shanghai on Monday (November 6).In the keynote speech, she said that the upgraded version of the new China Free Trade Agreement will further improve the level of service trade and investment open commitments, and support the opportunities of new growth areas.

The new China Free Trade Agreement is the cornerstone of bilateral economic cooperation in New Central China, providing a legal basis for supporting the economic connection of New China.During the visit to China from the end of March to early April this year, Joint Statement announced the substantial completion of the follow -up negotiations of the new protocol upgrades launched in 2020.

Liu Yanling further introduced in the conversation session of the speech on Monday after the speech. The upgraded version of the free trade agreement can bring regulations that are more friendly, free and transparent, and develop more business opportunities, such as improving the investment market access, etc.China and Singaporean companies that have entered the Chinese market can benefit from it.

She also emphasized that the implementation of this project in an environment of turbulence in the international situation is of great significance, highlighting that Singapore and China continue to commit to promoting free trade and compliance with international trade standards."We hope that this agreement can be signed before the end of this year, and there will be more opportunities for colleagues of the Ministry of Labor and Trade and the Enterprise Development Bureau."

Although the signing of the agreement was not disclosed, Liu Yanling said in the meeting that the upcoming new and middle -sided cooperation joint committee (JCBC) meeting was said to be held at the end of the year.Transcript '".

Liu Yanling reviewed the cooperation projects of the new and China for many years in his speech, and also reminded Singaporean companies to pay close attention to the two new trends of China's economy. First, as China decreases its dependence on exports and fixed investment, domestic demand consumption is consumed.Important improvement; second, with China's continuous economic reform and emerging areas such as service trade are rapidly developing.

Large space for family consumption growth in China

She said that at present, Chinese household consumption accounts for about 40 % of China's GDP (GDP), which is significantly lower than the level of developed countries, which also means that there is a lot of room for growth.As the world's largest and fastest -growing middle -income group, Chinese consumers will continue to provide vast business opportunities for Singapore companies that seek internationalization.

At the same time, the crown disease epidemic in the past few years has made Chinese consumers pay more attention to product quality and functions when purchasing products, and pursue higher cost performance." Singaporean brand , Be able to stand out among many brands. "

Talking about the development of emerging areas, Liu Yanling said that service trade is a new growth engine for international trade today, and the digital economy and green economy will become an important pillar of China's economic growth. These new industries will provide more opportunities for Singaporean companies to provide more opportunitiesEssence

She listed the data pointed out that in 2021, China was the fourth largest service trade partner in Singapore. The bilateral service trade reached 50.7 billion yuan, an increase of more than 13%year -on -year;26.9 billion yuan.Last year, the new China and China signed a memorandum of understanding of cooperation in the digital economy, green development and e -commerce, and also laid the foundation for the cooperation between the two companies in these emerging fields.

Local enterprises signed 13 memorandums of understanding of 13 copies of more than 87 million yuan on Monday, and cooperated with Chinese operators in the fields of data, medical health, and food.

Guo Zhunxun, Executive CEO of the Federation of Industry and Commerce, introduced that during the China International Import Expo and the New China Economic and Trade Forum last year, Singaporean and Chinese companies signed 15 memorandums of understanding, with a total amount of more than 4.5 million yuan, cumulative sales of more than 10 million sales exceeding 10 millionYuan."In the next few days, we will also witness more cooperation results at the Expo."

This forum held during the 6th Expo has attracted more than 500 representatives of the political and business circles of the two New China and China, about 100 of which was an online meeting.