Agreement signed during CIIE to boost China-S’pore service trade cooperation

This file photo taken on Oct 22, 2021 shows decorative installations near the National Exhibition and Convention Center, a main venue for the fourth China International Import Expo, in Shanghai. (PHOTO / XINHUA)

SHANGHAI – An agreement on the development of the service industry was signed during the 4th China International Import Expo to boost service trade cooperation between China and Singapore.

Official data shows that Singapore has been China's fourth-largest partner in service trade since 2019

Representatives from the municipal government of Suzhou City, east China's Jiangsu province and the Ministry of Trade and Industry of Singapore signed the agreement on Sunday. The agreement aims to promote cooperation on services in fields including digital economy, intellectual property rights, finance and logistics.

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Official data shows that Singapore has been China's fourth-largest partner in service trade since 2019. Bilateral trade liberalization and investment facilitation are expected to be further boosted as the two countries are accelerating follow-up negotiations on upgrading their free trade agreement.