S'pore, China discuss improving market access, digital trade
Many opportunities for both countries to enhance bilateral cooperation, says Gan
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Singapore and China have discussed improving market access to investments and services for companies, as well as facilitating digital trade between the two countries.
The talks took place yesterday at the Joint Council for Bilateral Cooperation (JCBC) meeting, which allows both countries to take stock of existing collaborations and discuss new ones.
Deputy Prime Minister Heng Swee Keat and Chinese Vice-Premier Han Zheng co-chaired the JCBC meeting.
Trade and Industry Minister Gan Kim Yong told the event, now in its 17th year, that there are many opportunities for Singapore and China to enhance bilateral cooperation.
These include strengthening the supply chain for essential items such as food, with Mr Gan suggesting that a forward inspection hub be set up in Singapore to shorten the time needed to inspect and clear food products at Chinese ports.
Negotiations under the China-Singapore Free Trade Agreement that seek to improve market access for Singapore companies operating in the Chinese telecoms market have also made "significant progress", he added.
Mr Gan also called for deeper cooperation with the Suzhou Industrial Park (SIP), which is jointly governed by Singapore and China.
"We will... continue to facilitate the entry of Singapore's biomedical companies into China through the SIP," he said, adding that 15 Singapore start-ups have already received support, including Lucence, an oncology diagnostics company, and Hexalotus, which uses artificial intelligence to create 3D models of patients' organs and surgical guides.
Manpower Minister Tan See Leng welcomed China's application to join the Digital Economy Partnership Agreement, which establishes new approaches in digital trade issues, among other initiatives.
He noted at the JCBC that both countries "can do much more together" to facilitate digital trade, such as digitalising documents like invoices and bills of lading to reduce costs and enable faster transactions.
More can also be done to ease cross-border data flows and raise clarity of data regulations so that "companies can harness data to create better products and benefit from reduced compliance costs".
Dr Tan added that establishing trusted authentication and common standards using technology such as blockchain will allow cross-border transactions to be more secure and seamless.
Among the deals
GARDEN CITY IN TIANJIN
The National Parks Board will help turn Tianjin Eco-city into a "Garden City" with more greenery-related infrastructure, such as a green belt that is a linear park, and park connectors.
GREEN DEVELOPMENT
Both countries will chart how they can collaborate on green and low-carbon development. Areas include plastic and e-waste management and low-carbon technologies.
URBAN GOVERNANCE
Two memoranda of understanding were signed to continue sharing knowledge and experience on urban governance, and areas such as planning and management, sustainability and digitalisation. A Young Leaders Fellowship Programme will be launched, among other things.
MARITIME DIGITALISATION
Cooperation on electronic certificates will now cover not just ships but seafarers. This will help speed up port clearance.
CUSTOMS
A system using blockchain to exchange trade and Customs-related information will be set up.
INNOVATION HUB
An innovation hub will be created at one-north business park to tap research institutes and start-ups. This is to support companies in both countries as they expand into each other's markets and the region.
RESEARCH TRANSLATION AND INNOVATION INSTITUTE
The NUS Guangzhou Research Translation and Innovation Institute will be set up in Guangzhou. It will plug into the development of the Guangdong-Hong Kong-Macau Greater Bay Area, which the Chinese government envisions as an economic powerhouse linking cities in the south.
It aims to train more than 3,200 PhD and master's students, post-doctoral fellows and professionals from China in the next decade.
Tan Dawn Wei
