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FINANCIAL NEWS
GCC-Singapore FTA deal begins taking effect
08 Jan 2015
(MENAFN) The free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and Singapore has beginning to take effect at the start of this year, Saudi Gazette reported.
The FTA deal, which Singapore and the GCC jointly announced the launch their negotiations in November 2006, was signed on December 15, 2008, with the FTA supposed to cover trade in goods, trade in services, investment, rules of origin, customs procedures, government procurement, electronic commerce, and economic cooperation.
Since the FTA deal entered into effect, approximately 93.9 percent of all Singaporean goods exported to the GCC will qualify for an immediate free concessions, while an additional 2.7 percent of products will qualify for the same tariff-free concessions in 2018, while Singapore also granted zero-tariff treatment on all GCC imports with immediate effect.
“This is a milestone agreement in strengthening ties and promoting trade between the GCC countries and Singapore. We in Dubai Customs are committed to enhancing bilateral trade between the UAE and Singapore through exemption of customs duties at both ends. Starting Jan. 1, 2015, Singaporean products are exempted of customs duties at all sea, air, and land ports in Dubai,” Director of Dubai Customs said.
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