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Trade Agreements Singapore

The Parties agree to apply their sanitary and phytosanitary rules in a non-discriminatory manner and not to introduce new measures that have the effect of undue impeding trade. The agreement has a comprehensive scope that attests to trade in goods (industrial products, processed agricultural products, fish and seafood), trade in services, investment, protection of intellectual property rights, government procurement and competition. Bilateral agreements on basic agricultural products between the various EFTA countries and Singapore are also part of the instruments for the creation of the free trade area. Investment protection disciplines are those usually found in bilateral investment protection agreements, including provisions on promotion and protection, national treatment and most favourable treatment, taxation, expropriation and compensation, national regulation, transfers and key personnel. The agreement also provides for the possibility of direct settlement of disputes between a party to the agreement and an investor of another party. Such disputes may be subject to compulsory arbitration, provided that both parties so agree. Reservations to this chapter are contained in annex XI. These agreements are part of the instruments for the creation of the free trade area and are subject to the disciplines applicable to trade in goods in the main agreement. They provide for concessions on both sides. Each agreement contains specific rules of origin, usually based on the „fully acquired“ origin criteria. Provisions relating to the protection of intellectual property rights include, inter alia, patents, trademarks, copyrights and geographical indications.

All trade in industrial products and fish and other seafood products from the EFTA States will, from the entry into force of the Agreement, benefit from duty-free access to the markets concerned. The U.S.-Singapore Free Trade Agreement (FTA) has helped increase U.S. exports, improve U.S. competitiveness around the world, and ensure a U.S. presence in Southeast Asia. It also offers a free trade standard that promotes a high degree of liberalization. Singapore`s business has become even simpler, faster, cheaper and more transparent. The free trade agreement has given U.S. businesses and exporters even more access to one of the world`s largest markets.

Free trade agreements (FTAs) are treaties 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, he has forged an extensive network of 25 implemented agreements. Singapore`s sweeping Free Trade Agreement (FTA), coupled with a transparent legal system and a trained workforce, was awarded to accelerate the country`s transformation into a first-world economy. In addition, trade in basic agricultural products is covered by three bilateral agreements on agricultural commodities negotiated between the EFTA State (Iceland, Norway and Switzerland/Liechtenstein) and Singapore. The chapter on trade in services covers the liberalization of the four types of services within the meaning of the WTO GATS in all services sectors, with the exception of air transport. The liberalisation of services is carried out according to the timetables of specific commitments. The commitment plans shall be reviewed at least every two years and the Parties have undertaken to liberalise all trade in services within ten years. RCEP establishes a modern, comprehensive, high-quality and mutually beneficial economic partnership, based on ASEAN`s existing bilateral agreements, with its five free trade agreements (FTAs). With about 30% of the world`s gross domestic product (GDP) and nearly a third of the world`s population, RCEP is the world`s largest free trade agreement to date.

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