Free Trade Agreement between Singapore and Switzerland: What You Need to Know
The Free Trade Agreement (FTA) between Singapore and Switzerland was signed in 2002, marking a new era of bilateral economic relations between the two countries. The FTA aimed to increase trade and investment flows between Singapore and Switzerland by reducing trade barriers and improving market access for goods and services. In this article, we’ll take a closer look at the key provisions of the FTA and how it has benefitted both countries.
Tariff Elimination
One of the most significant benefits of the FTA is the elimination of tariffs on goods traded between Singapore and Switzerland. This means that Singaporean exporters can sell their products in Switzerland without being subject to import duties, making their products more competitive in the Swiss market. Likewise, Swiss exporters can sell their products in Singapore without being subject to import duties, making their products more affordable for Singaporean consumers.
Service Liberalization
The FTA has also opened up new opportunities for service providers in both countries. Singapore has agreed to liberalize its services market by giving Swiss service providers access to the Singaporean market in areas such as banking, insurance, transportation, and telecommunications. In return, Switzerland has agreed to liberalize its services market by giving Singaporean service providers access to the Swiss market in areas such as finance, education, and healthcare.
Investment Protection
The FTA includes provisions for the protection of foreign investments, ensuring that Singaporean and Swiss investors are treated fairly and equitably in the other country. The FTA provides guarantees on the protection of investments made before and after the agreement came into force, ensuring that investors are not subject to discrimination or expropriation.
Intellectual Property Protection
The FTA also includes provisions for the protection of intellectual property rights (IPRs). Singapore and Switzerland have agreed to provide high standards of IPR protection, including the protection of patents, trademarks, and copyrights. This will benefit businesses in both countries by providing them with greater certainty and protection for their intellectual property.
Other Benefits
In addition to the above provisions, the FTA includes several other benefits for Singapore and Switzerland. These include provisions for the temporary movement of natural persons for business purposes, technical assistance, and cooperation in areas such as customs, standards, and trade facilitation.
Conclusion
The Free Trade Agreement between Singapore and Switzerland has helped to enhance economic ties between the two countries, creating new opportunities for businesses and investors. By reducing trade barriers and improving market access, the FTA has helped to increase trade and investment flows, benefiting both Singapore and Switzerland. If you are a business owner or investor in either country, it’s worth taking a closer look at the FTA and how it can benefit you.