China and Singapore have announced a protocol to upgrade the China-Singapore Free Trade Agreement (CSFTA). This announcement, made on Thursday, marks a new chapter in the economic relations between the two nations. The upgrade is expected to bring about a host of benefits for both countries, enhancing trade and investment opportunities.
In addition to the upgrade of the CSFTA, the two countries have also agreed on a 30-day mutual visa exemption arrangement for ordinary passport holders. This move is seen as a significant step towards fostering stronger ties between the people of China and Singapore, facilitating travel and cultural exchange.
The agreement to promote high-quality Belt and Road cooperation signifies a shared commitment to global development. The Belt and Road Initiative, a development strategy adopted by the Chinese government, aims to enhance regional connectivity and embrace a brighter future together. The two nations have expressed their intent to continue expanding and strengthening the building of the New International Land-Sea Trade Corridor. This corridor is a crucial component of the Belt and Road Initiative, promising to boost trade and economic growth in the region.
Deepening cooperation in third-party markets is another key aspect of the agreement. This will involve upgrading key cooperation projects, which will likely lead to increased economic activity and mutual benefits. The two countries have also expressed their intent to actively expand cooperation in the digital economy and ocean energy. These are emerging sectors with tremendous potential for growth, and this cooperation could lead to significant advancements in these fields.
The agreement also emphasizes the importance of cultural and people-to-people exchanges. The two countries aim to build a pattern of diversified and interactive cultural exchanges, fostering mutual understanding and friendship between their peoples. This aspect of the agreement underscores the belief that strong economic ties must be complemented by strong cultural ties.
Lastly, China and Singapore have jointly pledged to uphold the multilateral trading system. This commitment reflects their belief in the importance of free and fair trade for global prosperity.
In conclusion, the 24 outcomes of cooperation announced by China and Singapore, including the protocol to upgrade the CSFTA and the 30-day mutual visa exemption arrangement, mark a significant milestone in their bilateral relations. These developments promise to bring about mutual benefits and contribute to regional stability and prosperity.
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