Free Trade Agreements
Free Trade Agreements (FTAs) help to promote free trade and investment. They help countries to access markets overseas through, amongst others, tariff concessions, preferential access to certain sectors and faster market entry. Many of Singapore’s FTAs include chapters on competition. The competition chapter in FTAs help to promote efficient markets and ensure a level playing field for businesses. Currently, Singapore has over 15 FTAs (including both implemented agreements and other agreements under negotiation) that include competition chapters/provisions. CCCS represents Singapore as the Chapter Lead for negotiations of competition provisions/chapters in FTAs.
For a full listing of Singapore Free Trade Agreements, please refer to Enterprise Singapore.
Some recent negotiations include:
(a) The Comprehensive and Progressive Agreement for Transpacific Partnership Agreement (CPTPP)
The CPTPP is regional trade agreement among 11 partners namely Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Collectively, these countries represent 14% of the global economy, with a combined GDP of approximately S$13 trillion. The CPTPP was concluded on 23 January 2018 in Tokyo, Japan and signed on 8 March 2018 in Santiago, Chile. Singapore ratified the CPTPP on 19 July 2018, becoming the third nation to do so after Mexico and Japan. For more information, view the text for the competition chapter.
(b) The European Union-Singapore Free Trade Agreement (EUSFTA)
The European Union-Singapore Free Trade Agreement (EUSFTA) is the first FTA concluded between the EU and an ASEAN country. Singapore and the EU countries are important trading and investment partners. In 2014, the EU was Singapore’s 3rd largest global trading partner. The agreement will come into force after it is signed and ratified by parties. For more information, view the text for the competition chapter.
(c) Regional Comprehensive Economic Partnership (RCEP)
The RCEP is a 16-party FTA under negotiations involving ASEAN nations and ASEAN’s FTA partners namely Australia, China, India, Japan, Korea and New Zealand. The 16 RCEP participating countries account for about 30 per cent of global GDP and over a quarter of world exports. Singapore is the chair of the work group on competition for the RCEP.