LIM HNG KIANG WELCOMES THE SIGNING OF THE AGREEMENT BETWEEN SINGAPORE AND THE SEPARATE CUSTOMS TERRITORY OF TAIWAN, PENGHU, KINMEN AND MATSU ON ECONOMIC PARTNERSHIP (ASTEP)

The Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) was signed on 7 November 2013 in Singapore by the Trade Representative of the Singapore Trade Office in Taipei, Mr Calvin Eu and the Representative of the Taipei Representative Office in Singapore, Mr Hsieh Fa-dah.

The Minister for Trade and Industry, Mr Lim Hng Kiang welcomed the signing of ASTEP: “ASTEP is a high-standard and comprehensive agreement that will strengthen the economic relations between Singapore and Chinese Taipei, both members of the World Trade Organisation (WTO). Companies from both sides are already actively pursuing business opportunities in each others’ economies. The agreement will further enhance and deepen trade and investment flows between both sides.” 

Chinese Taipei is Singapore’s eighth largest trading partner in 2012. Total trade volume between Chinese Taipei and Singapore rose 8.7% year-on-year to reach S$49.7 billion last year. Singapore is a regional headquarter and a key Southeast Asia hub for many Chinese Taipei companies seizing growth opportunities in the region. Our companies have also invested almost S$5.9 billion in Chinese Taipei in 2011.

MINISTRY OF TRADE AND INDUSTRY