Illustrative image (Photo: Xinhua/VNA)

Hanoi (VNA) – Singapore and China are jointly exploring potential for further cooperation with recent moves to deepen economic and trade relations.

On the sidelines of the first China International Import Expo (CIIE) held recently in Shanghai, Singapore's Minister for Trade and Industry Chan Chun Sing and China's Vice Commerce Minister Fu Ziying jointly announced the conclusion of negotiations on the upgraded China-Singapore Free Trade Agreement, according to China’s Xinhua News Agency.

Chan said the upgrade signals both countries' joint commitment towards not only greater economic collaboration but also trade liberalization.

Other important ingredients in the economic and trade relations between the two countries are interconnection, financial cooperation and third-party market cooperation.

Ning Jizhe, deputy head of China's National Development and Reform Commission, said at the first Singapore-China BRI Investment Forum in October that China had become Singapore's largest trading partner since 2013, and Singapore had become China's largest source of investment also for five consecutive years.

By the end of 2017, the cumulative investment of Singapore to China was over 90 billion USD, and that of China to Singapore was over 36.6 billion USD. The two countries recorded a bilateral trade value of 79.2 billion dollars in 2017, up 12.4 percent year on year.-VNA