(Yicai Global) Nov. 6 -- China and Singapore have completed talks to upgrade their existing free trade agreement after a ministerial meeting at the China International Import Expo in Shanghai yesterday.

The two countries will sign the Protocol to Upgrade the China-Singapore Free Trade Agreement after undergoing relevant domestic procedures, state-run China Central Television News reported. The announcement came after Fu Ziying, China's international trade representative and vice commerce minister, met with Singapore's trade and industry minister Chan Chun Sing.

The CSFTA came into force in January 2009 and negotiations on upgrading it started in November 2015. Both governments are working hard to sign the new arrangement this year, Singapore's Ministry of Trade and Industry said in a statement.

The new version will ease restrictions on market access for Singaporean firms and enhance investment protection. It also covers cooperation in e-commerce and other sectors to keep up with trends in business development, the statement added.

China and Singapore's total bilateral trade last year was SGD137 billion (USD100 billion). China is Singapore's largest trade partner and has become the largest source of foreign investment for China in the five straight years since 2013.
Held at Shanghai's National Convention & Exhibition Center, the first China International Import Expo runs from Nov. 5 to 10.

Editor: Ben Armour