Turkey-Singapore FTA to positively affect bilateral trade

Published 28.10.2017 00:00

The Singaporean Ambassador to Ankara Mr. A. Selverajah said the free trade agreement (FTA) between Turkey and Singapore will give rise to an increase in trade volume between Turkey and Singapore.

Speaking in İzmir during his visit, A. Selverajah said he expects an immense increase in trade volume between the two countries, which is currently $1 billion. "Our trade volume will substantially increase as the free trade agreement went into effect on Oct. 1 signed between Turkey and Singapore," Selverajah said.

Selverajah reminded that Turkey and Singapore signed several strategic agreements, which are substantial for both countries. He emphasized that the FTA between the two countries, consisting of arrangements on the nullification or reduction of tariffs and the reduction of import-export restrictions, was published in August in an official journal.

Severajah said the agreement should be considered important as it will provide Singaporean and Turkish businessman to have liaisons in the Balkans and South Africa, adding that Singaporean authorities will conduct a contact meeting to inform Singaporean businessmen on Oct.29. "We attach great importance to the agreement. A book explaining how Singaporean business man could benefit from the agreement was prepared," Selverajah said.

Explaining that the economical and cultures ties of the two countries have history, Selverajah went on to say that Singaporean companies will provide services in Istanbul's third airport, adding that alongside having a great investment in Mersin port, they are considering investing in other ports in Turkey.

The FTA with Singapore was signed in November 2015, when Singaporean Prime Minister Lee Hsien Loong visited Turkey to attend the G-20 Summit in Antalya. The agreement has been described as the most expansive and comprehensive FTA Turkey has signed. Moreover, Turkey and Singapore are working on fundamental economic agreements such as the reciprocal promotion of investments and the prevention of double taxation, for which infrastructure has been completed to a large extent.

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