SINGAPORE — The upgraded Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP) has been ratified by both countries, the Ministry of Trade and Industry (MTI) said on Monday (Dec 30)

The upgraded agreement will enter in to force on Jan 1, 2020, the ministry added.

Minister for Trade and Industry Chan Chun Sing said: “The swift ratification and entry-into-force of the upgraded ANZSCEP signals Singapore and New Zealand’s commitment to upholding an open and rules-based trading system. 

"This modernised agreement will further reduce barriers to trade and enhance regulatory cooperation and e-commerce efforts, benefiting businesses from both our countries. I look forward to the deepening of economic relations between our countries.”

The ANZSCEP, which entered into force on Jan 1 2001, is Singapore’s first and New Zealand’s second bilateral Free Trade Agreement (FTA). 

Negotiations for the upgraded ANZSCEP were launched in June 2017 under the trade and economic pillar of the Singapore-New Zealand Enhanced Partnership, and the upgraded ANZSCEP was signed on May 17 this year.

The upgraded ANZSCEP has improved trade rules and provisions that are in line with newer FTAs to which Singapore and New Zealand are parties, MTI said.

"It incorporates some of the most flexible and trade facilitative rules of origin among Singapore’s FTAs and the shortest release times for goods and expedited shipments," the ministry added.

The upgraded agreement also addresses modern trade issues and includes two new chapters on E-Commerce and Regulatory Cooperation.

Singapore and New Zealand share strong trade and investment ties. In 2018, bilateral trade registered a 12.1 per cent year-on-year increase to S$4.1 billion, MTI said.

Singapore was New Zealand’s 6th largest investor with a stock of about S$3.9 billion worth of investments as of end-2017. CNA

For more news like this, visit cna.asia.