Singaporean Prime Minister Lee Hsien Loong and Japanese Prime Minister Shinzo Abe have signed in Tokyo a protocol amending the agreement between the two countries creating a 'New-Age Economic Partnership' (JSEPA).
This review of the JSEPA covered improved market access in the area of industrial and agricultural products, revised rules of origin, improved specific commitments for financial services, revised customs procedures and technical alteration to provisions on competition. The tariff concessions are expected to come into force in January 2008.
The revised JSEPA is expected to bring about greater liberalization in trade in goods and services. With enhanced access to each other’s markets, the JSEPA is likely to boost the growing trade and investment linkages between Japan and Singapore.
The JSEPA first entered into force in November 2002. Since then bilateral trade has increased by 31% to reach S$55.2 billion last year. Japan is currently Singapore’s 6th largest trading partner worldwide, and Singapore is Japan’s 8th largest trading partner in Asia.
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