AGREEMENT BETWEEN JAPAN AND THE REPUBLIC OF SINGAPORE FOR A NEW-AGE ECONOMIC PARTNERSHIP
Ministry of Foreign Affairs
Ministry of Finance
Ministry of Economy, Trade and Industry
Objectives and Impact
- To promote a freer trans-border flow of goods, people, services, capital and information between the two countries, and to strengthen linkages in economic activities; in other words, to reduce economic borders.
- To contribute to promote economic partnership and linkages of the two countries in a comprehensive manner not only on trade and investment but also includes such areas as financial services, information and communication technology and the human resource development.
- Creating more attractive markets through closer cooperation between markets in the two countries.
- Providing stimulation for economic reforms in both countries as well as revitalizing of the economies of the two countries.
- Complementing and reinforcing the multilateral trading system.
- Developing closer political and diplomatic relations between the two countries and promoting greater mutual understanding between their respective citizens.
Facilitating Trade in Goods
- Over 98% of Tariffs on the items that is traded between the two countries will be eliminated (as of 2000, based on monetary value):
-Eliminate all tariffs on Japanese exports to Singapore.
-Eliminate tariffs on approximately 94% of Japan's imports from Singapore.
Rules of Origin
- Prevent circumvention of goods from third countries.
- Simplify customs procedures, cooperate on harmonizing with international standards.
- Promote electronic filing and transfer of trade-related documents.
- Facilitate trade by providing a framework to enable conformity assessment procedures required in the importing country for telecommunications terminal equipment and electrical products, to be done in the exporting country.
Facilitating Movement of Natural Persons
Movement of Natural Persons
- Facilitate the movement of natural persons between the two countries for business purposes and recognise professional qualifications mutually.
Human Resources Development
- Promote exchanges of students, scholars and teachers and government officials between the two countries.
- Promote to increase tourist between the two countries.
Science and technology
- Promote exchanges of scientists in the field of science and technology.
Facilitating Trade in Services
- Liberalize trade in services between the two countries beyond WTO commitments:
|WTO commitments||Japan-Singapore commitments|
The beneficiaries of liberalization are defined to prevent circumvention.
Facilitating the Flow of Capital and Information
- Create an environment that makes it easier for investors in one country to invest in the other by protecting investors and investments, according national treatment to investors and investments in principle, ensuring the appropriate compensation in the event of expropriation and securing free transfer of payments.
- Facilitate the patenting process in Singapore by providing the Intellectual Property Office of Singapore with an examination report by the Japan Patent Office
Financial Services Cooperation
- Cooperate in facilitating the development of capital markets in both countries and in Asia and strengthening financial market infrastructure.
Information and Communication Technology
- Cooperate to promote the development of ICT and ICT related services (e.g. facilitation of the procedures of Accreditation/Recognition of the Certification Authorities).
Trade and Investment Promotion
- Cooperate to promote trade and investment between the two countries. (e.g. Missions and seminars, Business study missions to third countries, Sharing JETRO-TDB online databases of Singapore and Japanese companies)
Small and Medium Enterprises
- Promote cooperation among small and medium enterprises. (e.g. Establishment of JETRO Business Support Centre in Singapore)
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