Chinese President Hu Jintao (right, back) and former Chilean President Sebastian Pinera will participate in the signing ceremony of a complementary investment agreement in Vladivostok, eastern Russia, on September 9, 2012. [Xinhua] The expanded CSFTA is expected to strengthen trade and investment between the two countries, while allowing Singaporean companies more access to the market in China. The updated CSFTA will come into force as soon as the relevant national procedures have been completed in both countries. The free trade agreement between China and South Korea officially entered into force on December 20, 2015. Under the agreement, South Korea will eliminate tariffs on 92% of all Chinese products within 20 years of implementation, in exchange for China`s abolition of tariffs on 91% of South Korean products. Since the implementation of the China-Pakistan Free Trade Agreement, companies in both countries have been offered more business and comfort opportunities, and consumers in both countries have more benefits. Bilateral trade continued to grow rapidly, growing from $6.9 billion in 2007 to $16 billion in 2014, with annual growth of about 15.3%. Chinese Trade Minister Gao Hucheng (l.) shakes hands with his South Korean counterpart, Yoon Sang-jick, after the signing of the agreement on June 1, 2015 in Seoul. [Xinhua] Negotiations began in 2005 and were greatly accelerated after Chinese President Xi`s state visit to Australia in November 2014. The agreement was signed on June 17, 2015. On 7 April 2008, Chinese Prime Minister Wen Jiabao and former New Zealand Prime Minister Helen Clark witnessed the signing in Beijing of the China-New Zealand Free Trade Agreement (FTA), which came into force on 1 October 2008. The agreement is the first comprehensive free trade agreement ever signed by China, as well as China`s first free trade agreement with a developed country. Now that the signed protocol is in effect, regional investors should benefit from improved trade and investment relations between China and Singapore.
China is Singapore`s largest trading partner, with bilateral trade totalling $137.1 billion in 2017. Trade between China and South Korea increased from US$6.4 billion in 1992, when the two countries established diplomatic relations, from $6.4 billion in 2014 to $235.4 billion. China has been South Korea`s largest trading partner since 2004. South Korea is China`s fourth largest trading partner since the same year The China-Iceland Free Trade Agreement came into force on July 1, 2014. Iceland is the first developed European country to recognize China as a complete market economy and the first European country to negotiate a free trade agreement with China.