Singapore-South Korea Free Trade Agreement

EENI- School of International Business

Sub-subject: Singapore-Korea Free Trade Agreement (FTA). Syllabus:

1. Introduction to the South Korea-Singapore Free Trade Agreement (FTA)
2. Foreign Trade in Goods, Services, and Investment
3. Benefits to the Singaporean Exporters
4. Rules of Origin

Sample of the Sub-subject: Singapore-Korea FTA Agreement

Description of the Sub-Subject: 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.

The objectives of the South Korea-Singapore Free Trade Agreement are to:

1. Liberalise and facilitate international trade in products and services and expand foreign direct investment between Singapore and South Korea
2. Establish a framework for strengthening International Economic Relations
3. Establish a more favourable environment for their companies and promote conditions of fair competition in the Agreement
4. Set-up transparent rules to govern trade and foreign direct investment (FDI)
5. Create efficient procedures for the implementation and application of the South Korea-Singapore Free Trade Agreement
6. Establish a multilateral and regional cooperation and economic integration of Asian economies

The South Korea-Singapore Free Trade Agreement (FTA) covers

1. Liberalisation and 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 foreign trade, Cross-Border Trade in Services, Telecommunications, Financial Services, e-Commerce, Temporary Entry of Business Persons, and Intellectual Property Rights (IPR)
2. 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:

1. 75% of exports from Singapore to South Korea benefit from an immediate tariff elimination (cost advantage)
2. The 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 Buddhist Civilisation.