Follow-up negotiations on the upgrade of the China-Singapore free trade agreement will focus on services and investment, a spokesman of the Ministry of Commerce said Thursday.

The negotiations between the two sides aim to improve transparency regarding policies in the areas of services and investment and further enhance the level of liberalization and convenience in the two spheres, said Gao Feng, the spokesman of the Ministry.

This will foster a better business environment and promote the economic recovery and development of the two countries as well as the region, Gao added.

The China-Singapore free trade agreement came into effect in January 2009. Negotiations over its upgrade started in November 2015 and concluded in November 2018. On Tuesday, the two sides launched follow-up talks over the upgrade of the pact.

This year marks the 30th anniversary of the establishment of diplomatic relations between China and Singapore.

In the first 10 months of the year, bilateral trade between China and Singapore grew 0.5 percent year on year to reach 71.56 billion U.S. dollars, Gao said.