China, Singapore enhance biz, trade ties

China and Singapore's economic and trade ties will be reinforced by high-level free trade deals in the coming years, effectively mitigating the impact of geoeconomic fragmentation and creating new investment opportunities in each other's markets, said trade experts and business leaders on Monday.

They made the remarks after the two countries announced on Saturday that they had completed substantive negotiations on the upgrade of their bilateral free trade agreement. The objective of the upgrade is to improve market access for their companies, while also establishing more transparent and advanced economic practices.

With agreements signed by China's Minister of Commerce Wang Wentao and Singapore's Minister for Trade and Industry Gan Kim Yong, the two sides confirmed that there will be no rollback of opening-up measures in the services and investment sectors, and promised each other that their respective doors will only open wider, said the Ministry of Commerce.