China, Singapore sign free-trade pact: officials
China signed a free-trade agreement with Singapore on Thursday, its seventh such pact, ahead of the seventh Asia-Europe Meeting in Beijing. Under the agreement, Singapore will abolish tariffs on all products imported from China beginning in 2009, while in return, China will do the same for 97.1% of goods imported from Singapore by 2012. China-Singapore trade climbed to a record US$62 billion last year. In April, New Zealand signed a free-trade agreement with China, making it the first developed economy to enter such a pact with China.
Source: AFP
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