Just three years after it was signed into force, the Free Trade Agreement (FTA) between Singapore and South Korea has doubled trade volumes between the two countries, it has been revealed.
The Korea-Singapore Free Trade Agreement (KSFTA) came into effect on March 16, 2006, after both countries completed the legal and administrative procedures to implement the agreement earlier in the month.
With the entry into force of the KSFTA, 75% of Singapore’s total domestic exports to the Republic of Korea (ROK) enjoyed immediate tariff elimination, and it was projected that a further 14% of domestic exports would benefit from tariff-free access to the ROK market over the next 10 years.
In return, Singapore eliminated remaining tariffs which enabled 100% of ROK’s exports to Singapore to enter duty-free with immediate effect.
In the first year of its implementation, bilateral trade between the two countries registered USD13bn (GBP9bn) - a figure that almost doubled in 2008 to reach USD25bn (GBP18bn).
It has also been revealed that Korea's investments in Singapore have increased by over USD800m (GBP570m) in the three years since the FTA's introduction.
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