Tuesday, 22/08/2017 17:19 (GMT+7)
Singapore and Turkey have ratified the Free Trade Agreement (FTA) on August 21st, hitting a new milestone in their relationship.
Singaporean Prime Minister Lee Hsien Loong (Photo: AFP/VNA)
The Turkey - Singapore FTA (TRSFTA) will come into force on October 1st, 2017, the Singaporean Ministry of Trade and Industry (MTI) said.
The MTI said that the TRSFTA will reduce barriers to trade and investment between Turkey and Singapore, enhance access to service sectors and procurement markets, as well as promote greater connectivity between businesses and people.
Singapore’s Minister of Trade and Investment, S Iswaran, said: “Singapore and Turkey’s bilateral ties have reached a new milestone with the ratification of the Turkey - Singapore FTA. It will create more business and investment opportunities for companies from both countries.”
“Singapore and Turkey are strategically located in Asia and Europe, respectively, and can serve as gateways to larger regional markets,” he added.
The TRSFTA was signed in November 2015, when Singaporean Prime Minister Lee Hsien Loong visited Turkey to attend the G20 Summit in Antalya. It is a comprehensive agreement that covers a wide range of areas, including goods and services, e-commerce, competition and transparency./.
Compiled by BTA