Singapore and China Sign Three MOUs to Strengthen Business Ties

In its 1 February 2024 press release, the Singapore Business Federation ("SBF") announced that  Singapore and China had hosted the Singapore-China Economic Partnership Conference, during which time three Memoranda of Understanding ("MOUs") were signed. The MOUs aim to enhance the business relationships, intellectual property protection, and mediation and arbitration support in these two countries. The conference, attended by business leaders and government officials, also explored new opportunities for trade and investment between Singapore and China.

The scope of the three MOUs are as follows:

1. The first MOU prioritises the facilitation of business activities to encourage the advancement of commercial and industrial relations between Singapore and China. It was renewed by SBF and the China Council for the Promotion of International Trade ("CCPIT").


2. The second MOU focuses on providing capacity-building support for enterprises from China and Singapore in intellectual property protection, management, and dispute resolution. This was signed by the Singapore Manufacturing Federation (SMF) and CCPIT Commercial and Legal Service Center.


3. The third MOU, together with the Joint Declaration on the Provision of Legal Services for Regional Economic Development ("Joint Declaration"), seeks to offer businesses from both countries support for mediation and arbitration as an alternative mode of dispute resolution to foster trade and investment cooperation in the region. The MOU was signed by the CCPIT Commercial Legal Service Centre and Singapore International Mediation Centre ("SIMC"), while the Joint Declaration was signed by SIMC, Singapore Chamber of Maritime Arbitration (SCMA), Singapore International Arbitration Centre (SIAC), CCPIT Mediation Center, China Maritime Arbitration Commission (CMAC), and China International Economic and Trade Arbitration Commission (CIETAC).

The signing of the three MOUs demonstrates the deepening economic ties and the commitment of both Singapore and China to foster stronger bilateral relations.