Relations Between China And China

1367 WordsMar 29, 20156 Pages
Before establishing formal diplomatic relations with China, Singapore was already enjoying close economic and political ties with China albeit on an informal basis. Both countries elevated their relationship to a more formal level by establishing diplomatic relations on October 3 1990. Since then, the economic and trade cooperation between the two nations has expanded steadily and China has become Singapore 's largest trading partner in 2014 with the bilateral trade amounting to S$121.47 billion. From Singapore’s perspective, being an entrepot city devoid of natural resources, it had historically no choice but to be the middleman of all the trading nations, including China. Due to its strategic and well-located geographical position, Singapore had emerged as an important middleman and reexport centre for natural rubber from Malaya to China and a distribution centre for China’s commodities to Southeast Asia. When reforms in China began to rejuvenate its internal economy and to open it up to the global economy by signing a number of regional trade agreements and by accessioning into the World Trade Organisation (WTO) in the year 2001, Singapore has been actively pursuing economic opportunities in China. Singapore and China are contracting parties to the United Nations Convention on Contracts for the International Sale of Goods (CISG), which establishes a system of uniform sale of goods rules to govern the rights and obligations of parties to international sales contracts
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