A Memorandum of Cooperation (MoC) on the development of the service industry was signed during the 4th China International Import Expo (CIIE) to boost service trade cooperation between China and Singapore.

Representatives from the municipal government of Suzhou City, east China's Jiangsu Province and the Ministry of Trade and Industry of Singapore signed the memorandum on Sunday. The MoC aims to promote cooperation on services in fields including digital economy, intellectual property rights, finance and logistics.

Official data shows that Singapore has been China's fourth-largest partner in service trade since 2019. Bilateral trade liberalization and investment facilitation are expected to be further boosted as the two countries are accelerating follow-up negotiations on upgrading their free trade agreement.