Singapore Fta Agreements

The country`s 13 bilateral free trade agreements and 11 regional free trade agreements include some of the largest combined trade agreements in the ASEAN-China, ASEAN-India and ASEAN-Hong Kong trading blocs, which give Singapore-based companies access to preferential markets, free or reduced import duties, and improved intellectual property rules. The RCEP establishes a modern, comprehensive, quality and mutually beneficial economic partnership that builds on ASEAN`s existing bilateral agreements with its five partners in the Free Trade Agreement (FTA). The RCEP, which accounts for about 30% of the world`s gross domestic product (GDP) and accounts for nearly one-third of the world`s population, is the world`s largest free trade agreement to date. As an important regional agreement, the Singapore RCEP will complement the existing network of free trade agreements, expand our economic space and stimulate trade and investment flows. There are two types of free trade agreements: bilateral (agreements between Singapore and a single trading partner) and regional agreements (signed between Singapore and a group of trading partners). On 19 October 2018, three agreements were signed between the parties, the EU-Singapore trade agreement, the EU-Singapore Investment Protection Agreement and the Framework Partnership and Cooperation Agreement. [5] [6] The agreement was approved by the European Parliament on 13 February 2019. [7] On November 8, 2019, it was announced that the agreement will enter into force on November 21, 2019. This comes after the Council of the European Union approved the agreement.

[1] Free trade agreements are agreements that facilitate trade and investment between two or more economies. Singapore has an open economy, fuelled by trade in goods and services. Over the years, it has established an extensive network of 25 agreements implemented. Singapore`s extensive free trade agreements (FTAs), combined with a transparent legal system and a trained workforce, have been evaluated to accelerate the country`s transformation into a first world economy. A free trade agreement is a legally binding agreement between two or more countries to reduce or remove barriers to trade and facilitate the cross-border movement of goods and services between the parties` territories. Since the signing of its first asean Free Trade Area (AFTA) free trade agreement in 1993, Singapore`s network of free trade agreements has expanded to 18 regional and bilateral free trade agreements with 24 trading partners. Singapore`s free trade agreements have played a major role in Singapore-based companies strengthening cross-border trade by removing or reducing import tariffs, preferential access to services, facilitating investment rules, improving intellectual property rules and opening up public procurement. Next article The agency in Indonesia – Latest edition of ASEAN Briefing Magazine “This means that companies in both countries are not treated less favorably than their own investors or investors from a third country in terms of transactions, management or other aspects related to their investments. The SH code is an international nomenclature used for product classification. The system consists of six numbers that define product descriptions that appear as securities and sub-positions, grouped into 21 categories.

In addition to setting all Singapore tariffs on U.S. products, the free trade agreement has increased export opportunities for certain U.S. production sectors, including those that manufacture medical instruments and equipment, microelectronics, photographic equipment, certain textiles, pharmaceuticals and chemicals. Singapore, with a few exceptions, has also granted considerable access to its services and investment market.