Singapore, China mark 25 years of diplomatic ties
Despite differences in geography and governance structures, Singapore has constantly kept pace with China's development priorities.
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ON May 20, representatives from the 57 prospective founding members of the China-led Asian Infrastructure Investment Bank (AIIB) attended a three-day Chief Negotiators' Meeting in Singapore. This was the first-ever AIIB meeting to be held outside of China.
Participants at the meeting finalised AIIB's articles of agreement (AOA) and discussed the draft for the bank's environmental and social framework. Singapore has since signed the AOA, stating it will contribute US$250 million, or 0.25 per cent, of the AIIB's total authorised capital of US$100 billion.
The choice of Singapore as the first foreign location for the meeting reinforces Singapore's position as an international financial hub and reputation as a neutral ground. It is heartening that Singapore is able to contribute to the establishment of this highly-anticipated initiative as China charges full steam ahead.
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