Singapore and China to Conclude a Free Trade Agreement
Updated on July 7,2017
Chinese and Singapore officials have agreed to speed up the conclusion of the Regional Comprehensive Economic Partnership (RCEP)
, a free trade agreement on a multinational level between the Association of South East Asian Nations and its free trade agreement partners. The RCEP will serve as an amalgamation of the existing free trade agreements. In order to receive proper accounting services in Singapore
, companies should also be aware of the provisions of these treaties.
RCEP negotiations to conclude rapidly
The negotiations for the Regional Comprehensive Economic Partnership are under way between Singapore and China. However, officials from both sides have agreed that an early treaty conclusion would benefit both parties.
In a recent meeting in Beijing, the two countries’ foreign ministers agreed that a successful and rapid conclusion of the negation would be beneficial for free trade, foreign investments in Singapore
and in China and overall economic integration.
The RECP is meant to unify the existing bilateral free trade agreements between other countries and the Association of Southeast Asian Nations (ASEAN). China is among the countries that would benefit from this simplification, along with other countries like Japan, South Korea, India, New Zealand and Australia.
Singapore – China cooperation
The scope of the RCEP Is to cover a different type of trade between the participating countries (the ASEAN countries and the six countries with which free trade agreements already exist). The negotiations cover both the trade in goods and the trade in services, technical and economic co-operation between the nation and manners to solve intellectual property, competition, and economic disputes. The goal is to reach a high level of trade tariff liberalization between the [participating countries.
Singapore and China have already signed a number of treaties that encourage foreign investments between the two jurisdictions and that are beneficial from a taxation point of view. The double tax treaty
between the two allows for the avoidance of double taxation for entities that derive income both from Singapore and from China.
We are able to provide you with adequate accounting in Singapore, suited to your business type and special tax needs.