FINANCIAL NEWS

GCC and Singapore improve their economic relations

03 Sep 2013

(MENAFN) The Gulf Cooperation Council (GCC) and Singapore made a Free Trade Agreement (GSFTA) that allows Singaporean goods worth USD3 billion to pass GCC borders without tariff, according to Gulf Daily News.

Singapore’s Ministries of Trade and Industry and Foreign Affairs said it applied its treatment of granting zero tariffs on all GCC imports beginning from September 1.

The growing economic relations between the GCC and Singapore will support many sectors in the countries, including telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industries.

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