Singapore-South Korea Free Trade Agreement
EENI - Business School.
Sub-subject: Singapore-Korea Free Trade Agreement (FTA). Syllabus:
- Introduction to the South Korea-Singapore
Free Trade Agreement (FTA).
- Foreign Trade in Goods, Services, and Investment.
- Benefits to Singaporean Exporters.
- Rules of Origin.
Sample of the Sub-subject: Singapore-Korea FTA Agreement
Sub-Subject Description: South Korea-Singapore Free Trade Agreement
The South Korea-Singapore Free Trade Agreement (FTA) entry into force in 2006.
The agreement South Korea-Singapore was the first foreign trade agreement of Korea with an Asian nation.
The objectives of the South Korea-Singapore Free Trade Agreement are to:
- Liberalise and facilitate international trade in products and services and expand foreign direct investment
between Singapore and South Korea
- Establish a framework for strengthening International Economic Relations
- Establish a more favourable environment for their companies and promote conditions of fair competition in the Agreement
- Set-up transparent rules to govern trade and foreign direct investment (FDI)
- Create efficient procedures for the implementation and application of the South Korea-Singapore Free Trade Agreement
- Establish a multilateral and regional cooperation and economic integration of Asian economies.
The South Korea-Singapore Free Trade Agreement (FTA) covers
- 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)
- 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 exports from Singapore to South Korea benefit from an immediate tariff elimination (cost advantage).
- 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