This protocol introduces revisions in the original Free Trade Agreement between China and Singapore in the 6 sections on product origins, convenience of customs procedures, trade emergency relief, service trade, investment, and economic cooperation. The protocol also introduced 3 new sections on e-commerce, competition policy, and the environment.
The Chinese prime minister Li Keqiang and the Singaporean prime minister Lee Hsien Loong were witnesses at the ceremony in Singapore where vice-minister Fu Ziying, the international trade negotiator of the Chinese Ministry of Commerce, and minister Chan Chun Sing of the Singaporean Ministry of Trade and Industry signed the Protocol to Upgrade the Free Trade Agreement.
After the protocol was signed, both parties initiated domestic protocols to make sure the upgraded free trade agreement can take effect as soon as possible.
Source: pfcexpress.com
