Singapore’s Minister for Trade and Industry Mr Lim Hng Kiang and Qatar’s Minister of Economy and Commerce Sheikh Mohammed bin Ahmed bin Jassim Al-Thani on Friday signed a declaration stating that the negotiations between the Republic of Singapore and the State of Qatar for the Qatar-Singapore Free Trade Agreement (QSFTA) have been substantially concluded.
The final round of negotiations, held on 6-10 June 2005, was the fourth round of negotiations by officials from both sides. Both sides noted that the QSFTA would be the first FTA that Singapore has with a Gulf Cooperation Council (GCC) country. The QSFTA would spur greater trade and investment linkages, as well as a closer relationship between the two countries.
The QSFTA is a comprehensive agreement that covers many areas including trade in goods, trade in services (including financial services), e-commerce, investment, government procurement, customs, and media cooperation.
Under the agreement, goods from Singapore and Qatar will gain duty-free access into each other’s markets. Singapore’s services industries will also benefit from enhanced access to the Qatari services market in areas such as construction, transportation, and professional services, including financial services. Qatari services industries will gain access into Singapore’s professional, financial services, distribution, and social services markets. In addition, under the agreement, investors from both sides will enjoy protection for their investments.
Officials on both sides will continue discussions to finalise the text of the agreement, which is expected to be completed shortly.
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