SINGAPORE, Nov 7 – Singapore Prime Minister Lee Hsien Loong and People’s Republic of China President Xi Jinping witnessed the launch of the China-Singapore Free Trade Agreement (CSFTA) upgrade negotiations. They also witnessed the signing of three Agreements to launch the third Government-to-Government (G-to-G) project based in Chongqing Municipality in Western China today at the Istana here.
President Xi’s two-day visit to Singapore beginning Friday completes the exchange of State Visits between Singapore and China this year, as both countries commemorate the 25th anniversary of the establishment of diplomatic relations. The CSFTA is an important legal framework that supports both countries’ bilateral economic cooperation.
Since the CSFTA entered into force in 2009, bilateral economic relations have progressed immensely. China is currently Singapore’s largest trading partner, while Singapore has been China’s largest foreign investor since 2013. Singapore also became China’s largest overseas direct investment destination in ASEAN in 2014.