Country to abolish all tariffs on import from China
November 27, 2008 - Singapore
In order to enhance bilateral trade and investment relations, Singapore inked a Free Trade Agreement with China, recently.
Mr Lee Hsien Loong, Prime Minister, Singapore and Mr Wen Jiabao, his counterpart in China, were present during the signing ceremony.
According to officials from the Singapore Government, this agreement will promote local companies and help smooth access to one of the largest and fastest growing markets in the world, China.
Under the agreement, it is reported that Singapore has committed to abolish all tariffs on imports from China from January 1, 2009. On the other hand, China has promised to give duty-free treatment to 97.1 percent of products from Singapore from January 1, 2012.
The FTA covers many fields, including trade in goods, services, movement of personnel, customs procedures, among others.
According to Government officials of China, the dominant industries in China such as machinery, textile and footwear industries should seize the opportunities to expand a wider export space.
Singapore's trade with China mounted to a record high of US $62 billion last year and the recent agreement is anticipated to take it to greater heights.