China-Singapore Free Trade Agreement Further Upgrade Protocol in force from 31 December 2024
23 January 2025
On 30 December 2024, the Ministry of Trade and Industry (“MTI”) announced the conclusion of the China-Singapore Free Trade Agreement (“CSFTA”) Further Upgrade Protocol (“Protocol”). The Protocol entered into force on 31 December 2024.
The CSFTA entered into force on 1 January 2009 and is China’s first comprehensive bilateral free trade agreement with an Asian country. It has been upgraded twice, in 2011 and 2019.
The Protocol has been enhanced in the following ways:
- Singapore investors and service suppliers will enjoy more liberal and transparent rules that level the playing field for them to invest in and trade with China.
- Singapore businesses will benefit from greater market access to China through a negative list approach where, by default, all sectors are open to investors except for those specifically listed.
- China commits to not limiting foreign equity limits for Singapore investors in 22 sectors such as construction, retail and wholesale, and architectural and urban planning services.
- The new standalone Telecommunications Services chapter in the Protocol enhances transparency in domestic regulatory processes, promotes competition, and facilitates industry participation in collaborative activities for innovation and development.
Reference materials
The press release is available on the MTI website www.mti.gov.sg.