The upgraded China-Singapore Free Trade Agreement, effective December 31, will provide significant benefits, the Singapore Ministry of Trade and Industry announced Monday.

Singaporean investors and service providers will gain more liberal and transparent rules, enhancing trade and investment access in China. Businesses will also enjoy expanded market access through a "negative list" approach, where all sectors are open except those explicitly restricted.

A new Telecommunications Services Chapter will improve regulatory transparency, promote competition, and support collaborative innovation.

China, Singapore's top merchandise trading partner since 2013, accounted for 13.9 percent of its global trade in 2023, the ministry noted.