A Free Trade Agreement (FTA) is a legally binding agreement between 2 or more countries. The purpose of a trade agreement is to reduce or eliminate obstacles to trade and enable cross border movement of goods and services between the signatory countries.
The first agreement signed by Singapore was the ASEAN Free Trade Area (AFTA) in 1993.Ever since then Singapore's network of FTA's has increased to 13 regional and bilateral FTAs with 23 trading partners. In Singapore FTAs have played a pivotal role in helping businesses from Singapore strengthen cross border trade, in eliminating or reducing import tariff rates, providing special access to services sectors, relaxing instrument rules, improving intellectual property regulations and accelerating government procurement opportunities.
List of Singapore’s trade agreements with other countries is given below
ASEAN was first formed in 1967 with six member countries: Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand and was subsequently joined by Cambodia, Laos, Myanmar and Vietnam. The main aims of ASEAN are to accelerate the economic growth, social progress and cultural development in the region and to promote regional peace and stability.
AANZFTA is the first comprehensive FTA between ASEAN, Australia and New Zealand. The Agreement will enter into force when Australia, New Zealand and at least four ASEAN Member States have completed the necessary ratification procedures.
China and Singapore signed the China-Singapore Free Trade Agreement (CSFTA) on 23 October 2008, a key step forward that will further enhance bilateral economic relations. The FTA, concluded after two years of negotiations, is set to bring about advantages for Singapore businesses and consumers.
The GCC-Singapore FTA (GSFTA) is a comprehensive free trade agreement between Singapore and the GCC countries (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) that encompasses Trade in Goods, Trade in Services, Investments, Rules of Origin, Customs Procedures, Government Procurement, Electronic Commerce, and Economic Cooperation.
The Agreement between Japan and the Republic of Singapore for a New Age Economic Partnership Agreement (JSEPA) was Japans first Free Trade Agreement. JSEPA has brought substantive benefits to Japan and Singapore by laying a solid foundation for firmer economic linkages and integration between the two countries.
The Korea-Singapore Free Trade Agreement (KSFTA) was signed on 4 August 2005. The KSFTA came into force on 2 March 2006 and is Korea's first free trade agreement with an Asian country.
The EFTA is a free trade area comprising of Switzerland, Iceland, Liechtenstein, Norway and Singapore. The Agreement came into force on 1 January 2003 and is currently Singapore's only FTA with Europe.
The Trans-Pacific SEP is Singapore's first FTA with a South American country. It also builds on the existing FTA with New Zealand and both countries have sought, where possible, to improve on the commitments made under the ANZSCEP.
United States (USSFTA)
The USSFTA outlines the duties and obligations of Singapore and the United States (US) with regard to areas such as trade in goods and services, customs procedures, movement of business persons, intellectual property protection and the environment. It also sets out the guidelines for dispute settlement procedures.
The USSFTA outlines the duties and obligations of Singapore and the United States (US) with regard to areas such as trade in goods and services, customs procedures, movement of business persons, intellectual property protection and the environment. It also sets out the guidelines for dispute settlement procedures.
