SUBSTANTIVE CONCLUSION OF NEGOTIATION FOR THE GULF COOPERATION COUNCIL – SINGAPORE FREE TRADE AGREEMENT
Singapore and the Cooperation Council for the Arab States of the Gulf (GCC[1]) have substantively concluded negotiations for the GCC-Singapore Free Trade Agreement (GSFTA).
The final round of negotiations, held on 28-31 January 2008, was the last of four rounds of negotiations that commenced in January 2007.
The GSFTA is a comprehensive agreement covering areas such as trade in goods, trade in services (including financial services), e-commerce, government procurement, customs, and cooperation.
The GSFTA is the first Free Trade Agreement concluded by the GCC outside the Middle East.It will be the second FTA that Singapore signs with Middle Eastern economies. The FTA with Jordan being the first. The GSFTA will strengthen trade and investment linkages, and foster closer economic ties between Singapore and the GCC. Under the agreement, goods from Singapore and the GCC will gain duty-free access into each other’s markets. Service providers from both sides will also benefit from enhanced access to each other’s markets, in areas such as architecture, engineering, air transport services and retail sale of fuel services.
Officials on both sides will begin legal scrubbing of the agreement, which is expected to conclude shortly.
SECRETARIAT GENERAL, THE COOPERATION COUNCIL FOR THE ARAB STATES OF THE GULF
MINISTRY OF TRADE AND INDUSTRY, REPUBLIC OF SINGAPORE
31 JANUARY 2008
The final round of negotiations, held on 28-31 January 2008, was the last of four rounds of negotiations that commenced in January 2007.
The GSFTA is a comprehensive agreement covering areas such as trade in goods, trade in services (including financial services), e-commerce, government procurement, customs, and cooperation.
The GSFTA is the first Free Trade Agreement concluded by the GCC outside the Middle East.It will be the second FTA that Singapore signs with Middle Eastern economies. The FTA with Jordan being the first. The GSFTA will strengthen trade and investment linkages, and foster closer economic ties between Singapore and the GCC. Under the agreement, goods from Singapore and the GCC will gain duty-free access into each other’s markets. Service providers from both sides will also benefit from enhanced access to each other’s markets, in areas such as architecture, engineering, air transport services and retail sale of fuel services.
Officials on both sides will begin legal scrubbing of the agreement, which is expected to conclude shortly.
SECRETARIAT GENERAL, THE COOPERATION COUNCIL FOR THE ARAB STATES OF THE GULF
MINISTRY OF TRADE AND INDUSTRY, REPUBLIC OF SINGAPORE
31 JANUARY 2008
[1] The GCC comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.