The Singapore-China Economic Partnership Conference held on 1 February 2024 saw the signing of three important Memoranda of Understanding (MOU), marking a significant step towards economic partnership between the two countries.Trade and investment operations ties between the two countries.
1 February 2024 The Singapore Business Federation (SBF) and the China Council for the Promotion of International Trade (CCPIT) recently joined forces to host the Singapore-China Economic Partnership Conference. The event, themed “Trade and Investment Opportunities through Enhanced Connectivity” (mutual liao mutual communication:新经贸许机), aimed to enhance bilateral trade and investment between the two countries. .
The meeting was attended by Mr. Lo Yen Lin, Minister of Trade, Industry, Culture, Society and Youth Affairs, and Zhong Chang-ching, Minister-Counselor of the Embassy of the People’s Republic of China (Bureau of Economic and Commercial Affairs). Singapore. The rally attracted about 200 business leaders and government officials.
Three Memorandums of Understanding (MOU) were signed during the event aimed at strengthening business relationships, strengthening intellectual property protection, and supporting business mediation and arbitration. These agreements mark an important step forward in strengthening economic ties between Singapore and China, with the aim of strengthening business ties.
What was discussed?
SBF chairman Lim Min Yan says China remains an important market for Singapore despite an expected slowdown in global economic growth, and local businesses remain optimistic about prospects in the Chinese market. It shows. Mr Lim urged SBF members to strengthen ties with the Chinese side and explore new areas of cooperation.
CCPIT Chairman Ren Hongbin highlighted China’s ongoing high-level opening-up and modernization efforts and said he believes this will continue to provide new opportunities for Singapore and the international community. Mr Ren also noted the fruitful cooperation between Chinese and Singaporean companies in various fields such as infrastructure, financial technology, legal services and third-party market cooperation. He invited Singaporean companies to participate in China’s exhibitions, including the upcoming 2nd China International Supply Chain Expo, to take advantage of additional opportunities.
What is the MOU about?
The three MOUs signed at the meeting cover different scopes aimed at strengthening cooperation between Singapore and China.
- The first MOU re-established between SBF and CCPIT prioritizes the facilitation of business activities to promote the development of Singapore-China commercial and commercial relations.
- The second MoU focuses on providing capacity-building support for Chinese and Singaporean companies in intellectual property protection, management and dispute resolution, and is between the Singapore Manufacturing Federation (SMF) and CCPIT Business & Legal Affairs. Signed between service centers.
- A third MOU was established between CCPIT Commercial Legal Services Center and Singapore International Mediation Center, along with a joint declaration on the provision of legal services for regional economic development. The agreement aims to provide mediation and arbitration support to businesses from both countries and serve as an alternative dispute resolution platform to foster trade and investment cooperation in the region.
In addition to this MOU, a letter of intent was signed between China International Exhibition Center Group Co., Ltd. and companies participating in the 2nd China International Supply Chain Expo, scheduled to be held from November 26 to 30, 2024.
Singapore and China business relations
Singapore is China’s ninth largest trading partner, and China is Singapore’s third largest trading partner. This accounted for 10.1% of Singapore’s total foreign trade in 2023.
Furthermore, according to SBF’s 2023/24 National Business Survey, China is the second largest country in which Singaporean companies are based overseas and the fourth country in which they are planning future overseas expansion.
The attractiveness of the Chinese market for Singaporean companies lies in its strong growth potential, well-developed trade infrastructure and market responsiveness, while Singapore offers Chinese companies access to connectivity and fast-growing opportunities in the ASEAN region. provides access.
On January 25, 2024, the two countries also formally announced the adoption decision. Visa exemption policy for nationals, you can visit for up to 30 days. From February 9, 2024, individuals holding regular passports and traveling for tourism, family visits or business purposes will be able to benefit from this new arrangement. The agreement signed in Beijing represents significant progress in strengthening ties between the two countries and streamlining travel for their citizens.
This move, along with the signing of three MOUs, promotes deepening economic ties and stronger bilateral ties, facilitates a smoother travel experience, and creates new opportunities for mutual growth and cooperation between the two countries. This underscores the commitment of both Singapore and China to explore ways forward.
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