Korea-Singapore FTA(KSFTA)
The KSFTA features a high level of liberalization covering a wide range of areas including Trade in Services, Investment, Intellectual Property Rights, Competition, and Broadcasting Services in addition to tariff elimination on goods.
Under the KSFTA, Korea is to eliminate tariffs on 91.6% of all goods within 10 years, while Singapore is to eliminate tariffs on 100% of all goods immediately upon the effectuation of the agreement.
One noteworthy element in the KSFTA is that it grants preferential tariffs to the goods produced in the special economic zones in North Korean such as the Gaesung Industrial Complex (GIC), equal to the preferential treatment it grants to the goods produced in the territory of South Korea. This will secure more foreign markets for GIC-produced goods.
Korea expects substantial benefits from concluding this FTA with Singapore in several aspects. First, it is expected that the high level of liberalization in trade and investments enshrined in the KSFTA will significantly increase bilateral trade and investments. Furthermore, Korean businesses will be able to make inroads into Southeast Asian markets using Singapore as a gateway. Second, the Korean economy will have an opportunity to increase the competitiveness of its service sector and attract more foreign investments, since Singapore acts as a solid international hub for logistics, finance and business and is a promising destination for investments by multinational companies. Last, Korea is looking forward to seeing future benefits coming from close cooperation with Singapore in various industrial sectors such as broadcasting, environment, film and games, human resources development and intellectual property, as stipulated in the KSFTA.
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