Singapore Agreement

The agreement is expected to be the first free trade agreement with a member of the Association of Southeast Asian Nations and the third with an Asian country after South Korea and Japan from an EU perspective. Singapore is the EU`s 14th largest trading partner. In addition to reducing tariffs, the agreement has also facilitated the movement of citizens of both countries. Its implementation has allowed Singaporean citizens to stay in the United States for a long time. Businessmen and traders holding an E-1 or E-2 visa are allowed to stay for two years with a permanent renewal. The United States-Singapore Free Trade Agreement (USSFTA), officially the Free Trade Agreement between the United States of America and the Republic of Singapore, is a preferential trade agreement signed on 6 May 2003 between Singapore and the United States. It was passed on July 24 On July 31, 2003, the U.S. Senate ratified the law by 66 votes to 32 by 272 votes to 155. Then, on September 3, 2003, U.S. President George W. Bush signed the U.S.

Free Trade Agreement Implementation Act, which officially came into effect on January 1, 2004. [1] [2] Chapter 12 of the Agreement prohibits any conduct aimed at promoting competitive behaviour in the market. [5] The chapter entered new territory in U.S. free trade agreements for its obligations with respect to government enterprises. A government enterprise was a “secured entity” within the meaning of the Free Trade Agreement where the Government of Singapore held specific voting shares, with the exception of enterprises that operate solely for the investment of Singapore Government reserves. [6] Even if the Singapore government did not hold shares in a company, companies whose revenues exceed an adjusted threshold could still be covered in the event of “effective influence” by the government. Influence is effective when the government holds more than 50% of the voting rights or can exert significant influence over management. If the government holds less than 50% of the voting shares, but more than 20%, there is a presumption of effective influence that the Singapore government can rebut. [7] On 19 October 2018, three agreements were signed between the parties, namely the EU-Singapore Trade Agreement, the EU-Singapore Agreement on Investment Protection and the Framework Agreement on Partnership and Cooperation. [5] [6] The agreement was subsequently approved by the European Parliament on 13 February 2019.

[7] On 8 It was announced on 21 November 2019 that the agreement will enter into force from 21 November 2019. This comes after the approval of the agreement by the Council of the European Union. [1] Free trade agreements (FTAs) are treaties that facilitate trade and investment between two or more economies. . . .