BEIJING - Singapore and China signed five agreements on Monday , drawing closer in their collaboration on trade, law enforcement and projects under the Belt and Road Initiative .
Through this platform, both sides will cooperate in six areas: the BRI, financial services cooperation, technology and innovation, ease of doing business, urban governance, and people-to-people exchanges. The agreement takes further an earlier MOU signed in April last year and now identifies logistics, e-commerce, infrastructure and professional services such as financial and legal services, as areas for collaboration in third-party markets under the BRI.
According to MTI figures, trade between Singapore and Shanghai hit US$13.5 billion last year, accounting for nearly 14 per cent of Singapore's trade with China. Singapore and China have collaborated in third-party markets in sectors from infrastructure, financing to professional services. In the first agreement, both sides will share findings collected from new customs enforcement equipment and techniques.
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