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Economic Agreement Between Singapore And New Zealand Updated

The upgraded Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP) has been ratified by the two nations and will enter into force on Jan 1, 2020. The upgraded agreement adds e-commerce and regulatory cooperation chapters to the ANZSCEP, Singapore’s first and New Zealand’s second bilateral Free Trade Agreement (FTA) that became effective Jan 1, 2001. The agreement will address modern trade issues and improve trade rules and provisions that are in line with newer FTAs that Singapore and New Zealand have entered into.

Negotiations for the upgraded ANZSCEP were launched in June 2017 under the trade and economic pillar of the Singapore-New Zealand Enhanced Partnership. The upgraded ANZSCEP was signed on May 17, 2019 during New Zealand Prime Minister Jacinda Ardern’s first official visit to Singapore. The upgraded ANZSCEP incorporates some of the most flexible and trade-facilitative rules of origin among Singapore’s FTAs and the shortest release times for goods and expedited shipments.

All tariffs for Singapore’s exports to New Zealand were eliminated under ANZSCEP, which came into force in 2001. It also provided for tariff preference based on the exporter’s declaration, safeguards for market access and protection for Singapore investors and investments in New Zealand. The FTA ensured a more predictable operating environment for service suppliers.

source: straitstimes