TIANJIN, China: Singapore and China have successfully completed negotiations for the China-Singapore Free Trade Agreement (CSFTA), a statement from Singapore's Ministry of Trade and Industry (MTI) said on Thursday.

The announcement was made at the 5th Joint Council for Bilateral Cooperation meeting, co-chaired by Singapore's Deputy Prime Minister Wong Kan Seng and China's Vice Premier Wang Qishan in Tianjin.

DPM Wong described the agreement as a milestone of bilateral relations between Singapore and China.

The CSFTA is the first comprehensive bilateral Free Trade Agreement concluded by China with an Asian country.

The pact came some two years after negotiations began in October 2006.

The CSFTA is a comprehensive and broad-based agreement covering areas ranging from trade in goods to technical barriers and economic cooperation.

However, Singapore officials revealed that there could be more cooperation in the pipeline.

"One idea that we surfaced was to interest China's fund management companies to come and leverage on the fund management experience of our industry" said DPM Wong.

There was also a push for such firms to set office in Singapore.

Both countries hope to sign the CSFTA next month, during Singapore Prime Minister Lee Hsien Loong's visit to Beijing, in conjunction with the 7th Asia Europe Meeting summit.

Besides the CSFTA, both countries also concluded negotiations for a Memorandum of Understanding on Labour Cooperation.

Singapore's trade with China rose to a record high of S$91.6 billion in 2007.

China is Singapore's third largest trading partner, while Singapore is China's eighth largest trading partner.

During the Tianjin meeting, Singapore and China officials also touched on the progress of the Suzhou Industrial Park, which will celebrate its 15th anniversary next year.

According to DPM Wong, a challenge for the Industrial park is to look out for opportunities.

"For the SIP, they would need to be on their toes all the time. To be on a look out for new opportunities. To think ahead, and think ahead of the competition."

Last year, it recorded GDP of 83 billion yuan and newly registered foreign investment of about $5 billion USD.

In the last 14 years, the park has attracted more than 3000 companies to invest $27 billion USD in the park.

- CNA/yb