06 Oct 2015
1. Turkey and Singapore have successfully concluded negotiations for the Turkey-Singapore Free Trade Agreement (TRSFTA) which will boost greater economic cooperation between both sides.
2. During a bilateral meeting in Istanbul, Turkey on 6 October 2015, Singapore’s Minister for Trade and Industry (Trade) Lim Hng Kiang and Turkey’s Minister of Economy Nihat Zeybekci agreed to work towards the signing of the TRSFTA on the sidelines of the G20 Leaders’ Summit in Antalya in November 2015. Both Minister Lim and Minister Zeybekci also came to a mutual understanding that the Agreement will enter into force as soon as possible after the signing of the Agreement.
3. The TRSFTA is a comprehensive trade agreement that covers a wide range of areas, including trade in goods, trade in services, investment, government procurement, and newer areas such as intellectual property rights, e-commerce, competition and transparency. Singapore and Turkey businesses can look forward to a high quality FTA that will help to reduce barriers to trade and investment, as well as promote greater connectivity and flow between businesses and people.
4. Minister Lim said, "The FTA will create more business and investment opportunities for Singapore and Turkish companies in our respective regions. Singapore and Turkey occupy strategic locations in Asia and Europe, respectively, and can serve as gateways to larger markets for each other’s companies. I look forward to greater collaboration between companies from both sides that will help to strengthen our bilateral ties."
5. Negotiations for the TRSFTA were launched by Singapore’s Prime Minister Lee Hsien Loong and Turkey’s then-Prime Minister Recep Tayyip Erdoğan during the latter’s visit to Singapore in January 2014. The TRSFTA will be Turkey’s first comprehensive FTA in a single undertaking.
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MINISTRY OF TRADE AND INDUSTRY
6 OCTOBER 2015
Annex A: Key Benefits of Turkey-Singapore Free Trade Agreement TRSFTA
Key Benefits of the Turkey-Singapore Free Trade Agreement (TRSFTA)
When the TRSFTA is in force, Singapore and Turkish companies will enjoy greater access to each other’s markets across many sectors. The key benefits include: