Singapore's exports to China have benefited from lower tariffs since the China-Singapore Free Trade Agreement (CSFTA) took effect, local media reported on Thursday.
And since Jan. 1 this year, no duty has been levied on over 7, 400 items, including petrochemicals, processed foods, electronics and electrical products, local daily Business Times reported.
Singapore companies that fulfill rules of origin criteria can enjoy tariff savings of between one and 35 percent, which gives their exports a solid cost advantage in China. The CSFTA builds on the ASEAN-China FTA, but tariffs are reduced at a faster rate.
Singapore now has 18 FTAs worldwide with 24 major trading partners. China is Singapore's third largest trading partner which contributed 10.1 percent of Singapore's total trade last year.