The Free Trade Agreement between China and Switzerland is the first bilateral free trade agreement between China and a country on the European continent and one of the twenty largest economies in the world. Premier Li Keqiang, China`s second-top official after Xi Jinping, oversaw the event in Beijing. In a statement published by state news media, he called the pact a “victory for multilateralism and free trade.” Under the deal, nearly 96 percent of products are subject to zero tariffs in terms of tariffs and nearly 100 percent in terms of trade volume The signing of RCEP brings together 2.2 billion people and covers 28 percent of global trade President-elect Joe Biden said Monday that the United States must align with other democracies, so that they write the rules of world trade, not China. What is most striking is that the pact does not include India, another regional giant. The New Delhi government withdrew from the negotiations in July. China had rejected India`s calls for a more ambitious pact, which would have done much more to connect the region`s economies, including trade in services and trade in goods. In 2002, when NAFTA was just beginning, bilateral trade volumes amounted to $54.8 billion. In 2014, the volume of bilateral trade increased to $480.4 billion and increased 9-fold in 12 years, with an annual growth of 20%. China-ASEAN FTA (NAFTA) is the first free trade agreement of China`s external negotiations and the largest free trade area.
NAFTA has strongly encouraged the stable and rapid development of bilateral trade and economic relations in the long term. Singapore, with its wealth in financial and other services, has also concluded a free trade agreement with China. This agreement, signed in 2009, focuses on the service sector, in addition to the individual benefits of income tax. Singapore intends to increase its population by an additional 2 million people and many of them are expected to be affluent Chinese nationals from the mainland. Among the benefits of companies is the reduction of withholding taxes for a large number of services, including eligible fees. This is one of the reasons why Singapore is becoming a regional investment hub in China and Asia and is receiving more and more Chinese foreign investment that is going in the opposite direction – to Singapore and for reinvestments throughout Asia. Since foreign investors automatically qualify as Singaporean companies when setting up a subsidiary, they can also access Singapore`s impressive international tax treaty, including many other free trade agreements and more than 80 bilateral double taxation treaties. . .