GCC-Singapore FTA comes into effect

gccThe Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA) came into effect on Sunday, 1 September.

The agreement will further enhance Singapore’s growing economic relations and trade with the Gulf Cooperation Council (GCC), says Singapore’s Ministry of Trade and Industry (MTI).

The GCC consists of six countries in the Middle East – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The GSFTA is a comprehensive free trade agreement (FTA) covering trade in goods, trade in services, investments, rules of origin, customs procedures, government procurement, electronic commerce and economic cooperation.

MTI says Singapore is the first non-Middle East country to have an FTA with the GCC.

The FTA is Singapore’s second with the Middle East, after the Singapore-Jordan FTA in 2004.

For the first time, the GCC countries have committed to recognise the Singapore MUIS Halal Standards (SMHS) as similar to and consistent with their domestic Halal Standards.

Four out of the six GCC countries have already committed to recognise SMHS and the remaining two (Bahrain and Saudi Arabia) will start negotiations shortly to do the same.

This will open up more opportunities in Singapore’s export of Halal products to the GCC states.

MTI adds that based on Singapore’s latest bilateral trade figures in 2012, S$3.98 billion worth of Singapore goods will qualify for immediate tariff-free treatment, while S$49.1 million worth of Singapore goods will qualify after 2018.

Major sectors that will benefit from the elimination of tariffs are telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industries.

Singapore will grant zero-tariff treatment to all GCC imports with immediate effect.
 

Source : Channel News Asia | September 1, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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