Gulf-Singapore Free Trade Agreement comes into effect

ALL content used in this not-for-profit blog remain the property of their respective owners.
http://www.channelnewsasia.com/news/business/singapore/gcc-singapore-fta-comes/798050.html?utm_source=twitterfeed&utm_medium=twitter

The Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA) came into effect on Sunday, 1 September.

Singapore will grant zero-tariff treatment to all GCC imports with immediate effect.

The GCC consists of six countries in the Middle East - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Major sectors that will benefit from the elimination of tariffs are telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industries.

For the first time, the GCC countries have committed to recognise the Singapore MUIS Halal Standards (SMHS) as similar to and consistent with their domestic Halal Standards.

Four out of the six GCC countries have already committed to recognise SMHS and the remaining two (Bahrain and Saudi Arabia) will start negotiations shortly to do the same.

This will open up more opportunities in Singapore's export of Halal products to the GCC states.