South Korea-Singapore Free Trade Agreement.
The South Korea-Singapore Free Trade Agreement (FTA) entry into force in 2006.
The agreement between South Korea and Singapore was the first trade agreement of South Korea with an Asian nation.
![Foreign Trade and Business in Southeast Asia (ASEAN)](insta/CourseASEAN.png)
The objectives of the South Korea-Singapore Free Trade Agreement are to:
- liberalize and facilitate the International trade in
goods and services and expand the foreign direct investment between Singapore and South Korea
- Establish a framework for strengthening
the
International Economic Relations
- Establish a more favorable environment for their companies and Promote a fair competition conditions
- Set-up transparent rules to govern the trade and foreign direct investment
- Create an efficient procedures for the implementation and application of the South Korea-Singapore Agreement
- Establish a multilateral and regional cooperation and economic integration of the Asian economies
The South Korea-Singapore Free Trade Agreement covers:
- Liberalization and Trade Facilitation:
- National Treatment
- Market Access for export products
- Rules and certificate of origin
- Foreign trade remedies
- Customs Procedures
- Sanitary and Phytosanitary Measures
- Technical Barriers to Trade
- Cross-Border Trade in Services
- Telecommunications
- Financial Services
- E-Commerce
- Temporary entry for business persons
- Intellectual Property Rights
- Bilateral Cooperation between South Korea and Singapore:
- Paperless trade
- Trade and foreign direct investment promotion
- Broadcasting
- E-Commerce
- Environment
- Financial Services and
- Maritime Transport
Foreign Trade Korea-Singapore:
- 75% of the Singaporean Exports to South Korea benefit from an immediate tariff elimination (cost advantage)
- Total international trade South Korea-Singapore recorded a foreign trade extra amounting to 3.47 billion dollars before the Singapore-Korea Free Trade Agreement deal was concluded
The South Korea-Singapore Free Trade Agreement (FTA) operates within the Buddhist Civilization.