China, Singapore agree on FTA upgrade

BEIJING: China's Minister of Commerce Wang Wentao and Singapore's Minister for Trade and Industry Gan Kim Yong on Saturday signed a memorandum of understanding to announce the substantive conclusion of subsequent negotiations on an upgraded bilateral free trade agreement (FTA).

The upgraded FTA, which will boost market access for businesses from both countries, adds a new standalone chapter on telecommunications, and incorporates high-level economic and trade rules on national treatment, market access, transparency and the digital economy, among others, the Ministry of Commerce said in a statement.