Latest Announcement

hamid | 02/09/2013 | Reply

SINGAPORE:The Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA)came into effect on Sunday, 1 September.

Singapore:Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA)Effective Sunday, September 1.

The agreement will further enhance Singapore’s growing economic relations and trade with theGulf Cooperation Council (GCC), saysSingapore’s Ministry of Trade and Industry (MTI).

Ministry of Trade and Industry (MTI)said the agreement will further strengthen Singapore'sCooperation Council for the Arab States of the Gulf (GCC)economic and trade cooperation relations.

The GCC consists of six countries in the Middle East – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The GCC consists of six countries in the Middle East - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The GSFTA is a comprehensiveFree Trade Agreement (FTA)covering trade in goods, trade in services, investments, rules of origin, customs procedures, government procurement, electronic commerce and economic cooperation.

GSFTA is a comprehensive treaty covering trade in goods, trade in services, investment, rules of origin, customs procedures, government procurement, e-commerce and economic cooperation.Free Trade Agreement (FTA)。

MTI says Singapore is the first non-Middle East country to have an FTA with the GCC.

MTI said Singapore is the first non-Middle Eastern country to have a free trade agreement with a Middle Eastern country and the GCC.

The FTA is Singapore’s second with the Middle East, after the Singapore-Jordan FTA in 2004.

This is Singapore's second free trade agreement with a Middle Eastern country, following the free trade agreement between Singapore and Jordan in 2004.

For the first time, the GCC countries have committed to recognise the SingaporeMUIS Halal Standards (SMHS)as similar to and consistent with their domestic Halal Standards.

This is the first time a GCC country has pledged to recognize SingaporeMUIS-Halal Standards (SMHS)Similar and consistent with its domestic Halal standards.

Four out of the six GCC countries have already committed to recognise SMHS and the remaining two (Bahrain and Saudi Arabia) will start negotiations shortly to do the same.

Four of the six GCC countries have already committed to recognizing the SMHS, and the remaining two (Bahrain and Saudi Arabia) will soon be negotiating and coordinating on this.

This will open up more opportunities in Singapore’s export of Halal products to the GCC states.

This will open up more opportunities for Singapore to export Halal products to GCC countries.

MTI adds that based on Singapore’s latest bilateral trade figures in 2012, S$3.98 billion worth of Singapore goods will qualify for immediate tariff-free treatment, while S$49.1 million worth of Singapore goods will qualify after 2018.

MTI added that based on the latest bilateral trade data from Singapore in 2012, S$3.98 billion worth of Singapore goods will qualify for duty-free treatment, while S$49.1 million worth of Singapore goods will become eligible after 2018.

Major sectors that will benefit from the elimination of tariffs are telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industries.

The main sectors that will benefit from the elimination of tariffs are telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and steel-related industries.

Singapore will grant zero-tariff treatment to all GCC imports with immediate effect.

Singapore will implement zero tariff treatment for imports from all GCC member countries.