Singapore, China affirm bilateral economic ties in IPC Meeting

The two countries discussed the progress of bilateral cooperation projects and agreements. 

Singapore and China vowed to continue to enhance bilateral economic relations and explore new initiatives for collaboration during the 6th Investment Promotion Committee (IPC) Meeting held Friday, the Ministry of Trade and Industry said.

Minister for Trade and Industry Gan Kim Yong said the meeting, which he co-chaired with People’s Republic of China’s Minister of Commerce Wang Wentao, is a “valuable platform” for both countries to explore new opportunities for collaborations as Singapore and China manage the pandemic and look for more opportunities.

“Today’s meeting reflects the continued strong cooperation between Singapore and China, and shows that there is scope for Singapore and China to bolster economic ties, and provide more opportunities for our businesses and people,” Gan said in a statement dated 20 August.

Gan and Wang Wentao discussed the progress of bilateral cooperation projects such as the China-Singapore Suzhou Industrial Park, the China-Singapore (Chongqing) Connectivity Initiative, and the China-Singapore Guangzhou Knowledge City. 

They also welcomed the progress made under the China-Singapore Free Trade Agreement Subsequent Negotiations that will enhance market access in services and investments. The Ministers also agreed to continue upholding a “rules-based, multilateral trading environment” through G20, the APEC, and the Regional Comprehensive Economic Partnership.

The ministers also committed to improving the ASEAN-China Free Trade Area for a stronger ASEAN-China economic cooperation. They talked through new areas for advanced economic cooperation and collaboration in digital trade and the green economy.

Singapore’s largest trading partner since 2013 and largest investment destination since 2007 is China, comprising about 16% of Singapore’s total direct investment abroad as of 2019.