Trade and Industry Minister Lim Hng Kiang welcomed the signing of ASTEP: “ASTEP is a high-level, comprehensive agreement that will strengthen economic relations between Singapore and Chinese Taipei, both members of the World Trade Organization (WTO). Businesses on both sides already actively have business opportunities in the other party`s economy. The agreement will further strengthen and deepen trade and investment flows between the two sides. For Taiwan, ASTEP (an economic partnership agreement between Singapore and the separate customs territory of Taiwan, Penghu, Kinmen and Matsu) is the first such agreement with a Southeast Asian country and a leading trading partner. As part of the agreement, Singapore will immediately remove tariffs on all products imported from Taiwan. This agreement will allow Taiwanese companies not only to access Singapore`s small consumers, but also to enable Singapore`s service providers to complement Taiwan`s industry. Satish Bakhda, Head of Operations at Rikvin, commented on ASTEP`s impact on Singapore businesses such as: “This agreement will allow Taiwanese companies not only to access singapore`s small consumers, but also to enable Singapore`s service providers to complement the Taiwanese industry. This pact is a win-win situation for both, but it is particularly important for Taiwan, which until now had been diplomatically timid. Both agreements aim to bring Taiwan closer not only to the Comprehensive Regional Economic Partnership (RCEP) but also to the TPP by 2020. Membership of the TPP is a goal formulated by Taiwanese President Ma Ying-jeou, who will bring former Taiwanese Vice President Vincent Siew to the United States with an 18-person delegation at the end of the week. ASTEP will also strengthen Taiwan`s international profile.
It is close to another free trade agreement (FTA) with the founding member of the Trans-Pacific Partnership (TPP), New Zealand, which was sealed last July. After more than two years of negotiations, Singapore and Taiwan concluded the free trade agreement last week. Taiwan, on the other hand, will reduce its tariffs in three phases. With immediate effect, the import tax will account for 83% of Singapore`s exports. 40 agricultural products such as pineapple and rice are excluded. For five to fifteen years, tariffs are abolished for these and other products. Click here for the singapore Trade Office joint press release in Taipei and the Taipei Representative Office in Singapore. Appendix 3A. Tariff elimination plan Appendix 3A.
Singapore tariff plan for ASTEP Appendix 3B. Tariff plan for the Chinese schedule Taipei Appendix 3B. CT Tariff Nomenclature . . . . . . . .
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. . Customs procedures relating to the rules of origin of the free trade agreement between Taiwan, El Salvador and Honduras (file of documents) (pdf file) .