Singapore is looking forward to working with China on a
bilateral free trade agreement (FTA) upon the completion of FTA
negotiations on goods between the Association of Southeast Asian
Nations (ASEAN) and China, a senior Singaporean official said in
Shanghai on Saturday.
"The bilateral FTA will not only institutionalize our access to
the Chinese market, but also give our businesspeople a leg up in
their dealings in China," said Raymond Lim, Minister of State for
Foreign Affairs and Trade and Industry at the two-day Fourth
Singapore International Foundation (SIF) Overseas Conference, which
closed Sunday.
A senior official from the Ministry of Commerce said an FTA with
a single ASEAN member could possibly be set up when negotiations
for the China-ASEAN FTA are concluded on June 30.
Some more-developed ASEAN countries, including Singapore, are
requesting the establishment of pacts with China as soon as
possible.
More than 400 participants from Singapore and China participated
in the New Asia and Emerging China: Opportunities and Strategies
conference.
Lim told them the FTA with China will complement Singapore's
access to other major markets in the US, Japan, Australia and, in
the near future, India.
For their part, Chinese businesses will be able to use Singapore
as a base to venture into Southeast Asia, he added.
"Singapore has something to offer when Chinese companies are
encouraged to venture into the international market," the minister
said.
Lim said Singaporean companies are currently looking into ways
to cooperate with their Chinese counterparts to help them go
global.
The Singapore Stock Exchange has to date listed 33 Chinese
companies and is optimistic that the figure will climb to 50 this
year.
"But that is not enough," Lim said.
He urged Singaporean companies to continue expanding cooperation
with China in new areas like marketing, brand management,
intellectual property rights and legal certification.
As of 2003, China had attracted a combined investment of US$24.3
billion from Singapore, said Tan Wing Ming, chairman of the Fourth
SIF Overseas Conference Organizing Committee.
"Asian countries should maintain close ties with China as it
continues to open to the outside world," he said.
Raymond Lim said the Singaporean government has reviewed its
development strategy and formulated a blueprint to revitalize its
economy in a bid to bring Singapore into the next phase of
growth.
"China has a major place in our new strategy. Cooperation and
access to the Chinese market are important."
(China Daily March 1, 2004)