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Singapore approves the regional comprehensive economic partnership agreement

Upgrade the free trade agreement and strengthen the China-Singapore open innovation cooperation platform

by YCPress

Zhou Mi Researcher of the Institute of American Studies, Institute of the Ministry of Commerce

China and New Zealand are both defenders of multilateralism and free trade. The two countries have responded to each other’s concerns and created a stable economic and trade cooperation environment through the institutional arrangements of free trade agreements.

The consensus to ensure the stability of the supply chain and industrial chain has remained unchanged.

In 2008, during the global economic crisis, the China-New Zealand Free Trade Agreement became the first comprehensive free trade agreement signed by China and other countries covering many fields such as trade in goods, services, investment, etc., and also the first free trade agreement between China and developed countries, becoming a bridge between the South.

North gap, an example of overcoming the economic development gap.

The agreement has tripled bilateral trade between China and New Zealand, and China has become New Zealand’s largest trading partner.

The sudden outbreak of the coronavirus epidemic in 2020 has once again brought a global impact, and mankind is suffering from the worst economic recession since the end of World War II.

In the face of unprecedented challenges brought about by public health and trade protectionism, China and New Zealand once again chose to upgrade the free trade agreement, expand practical bilateral cooperation, inject confidence into the market, and create better conditions for the sustainable development of the bilateral and regional economy.

The China-New Zealand upgrade agreement has become an important platform for openness, innovation and cooperation, setting a new benchmark.

China-Singapore upgrade agreement is an open platform.

Although the economic system and market environment are different, both countries agree that a more open environment is essential to the economies of both sides, and the coordinated promotion in nine major fields has greatly reduced the cost and difficulty of economic and trade activities.

The agreement covers a wide range of contents:

  • (1) technical barriers to trade;
  • (2) customs procedures, cooperation and trade facilitation;
  • (3) rules of origin;
  • (4) trade in services;
  • (5) competition policy;
  • (6) electronic commerce;
  • (7) agricultural cooperation;
  • (8) environment;
  • (9) government procurement.

The China-New Zealand upgrade agreement has created good conditions for the cross-market allocation of various economic elements, which is conducive to enterprises and natural persons of the two countries to give full play to their respective advantages, respond to market needs, and provide consumers with better quality and adequate products and services.

An open platform will be conducive to giving full play to the decisive role of the market in resource allocation, improving the effectiveness of price signals, and reducing the risk of market volatility.

China-Singapore upgrade agreement is an innovative platform.

Innovation is an important driving force for development and an important way to meet challenges by tapping potential.

China and New Zealand jointly explore the space for innovative development in line with industrial upgrading and technological progress, and provide guarantees for economic innovation activities through economic and trade agreements.

The agreement strengthens the synergy of competition policy, supports effective, rules-based market building, and helps to create a transparent, non-discriminatory and fair competition environment and protects consumer rights.

The coronavirus epidemic has accelerated the development of the digital economy.

The agreement has strengthened the protection of online consumers and personal information, created a more stable tax environment for the development of e-commerce, and provided more effective intergovernmental cooperation for SMEs to enhance their trade capabilities through cross-border e-commerce.

China and New Zealand have strengthened transparency and anti-corruption cooperation in the field of government procurement, and reached consensus for further strengthening relevant coordination between the two countries.

The earth is the only home on which mankind depends. We will strengthen our efforts to combat climate change and promote sustainable development, which is related to the future and future of mankind.

China and New Zealand have an important consensus in the field of environment and trade.

Through the agreement, it complements the existing environmental cooperation and provides new institutional guarantees for the two countries to solve environment-related trade problems.

China-Singapore upgrade agreement is a platform for cooperation.

In the face of the complex external environment, China and Singapore are moving towards each other, responding to each other’s demands, making more commitments and seeking consensus on economic and trade cooperation.

In the field of trade in goods, further tariff reduction and trade facilitation measures have brought more opportunities for cooperation between the two sides.

New Zealand’s dairy products (milk powder, butter and cheese), meat products, wood products, grains, flour and starch provide Chinese consumers with rich and diversified choices, while China is New Zealand’s largest trade.

Easy partners, electronic products, machinery, clothing and furniture meet the market demand of New Zealand.

In the field of trade in services, the two countries have further expanded market access and reduced restrictions on service providers.

New Zealand will provide better services for Chinese enterprises and consumers in traditional and new fields such as tourism, education, transport and financial services, which is conducive to promoting the upgrading and development of the industry through competition, while Chinese enterprises Industry obtains more development opportunities under models such as the movement of natural persons and makes up for the short-term labor supply in New Zealand.

The China-New Zealand upgrade agreement is not only a confirmation of the previous commitments of the two countries, but also opens a new chapter in economic and trade cooperation between the two countries.

Complementing each other with the Regional Comprehensive Partnership Agreement (RCEP), China and New Zealand will seize the opportunity of global economic and trade development and technological progress, continue to strengthen cooperation in key areas, including infrastructure, agriculture, tourism, tap the potential for cooperation in climate change, circular economy, environmental technology and other fields, and cultivate bilateral economics.

The new growth point of trade cooperation and economic development creates better agreement guarantees for faster and more stable economic recovery under the epidemic and improving the welfare of the two peoples.

China is also willing to jointly promote more high-level economic and trade agreements with countries in the region, so as to provide more effective institutional guarantees for giving full play to their comparative advantages, stabilizing supply chains and supporting innovative cooperation.