Gulf Cooperation Council-Singapore Free Trade Agreement

The GCC is currently Singapore`s fifth largest trading partner and accounts for 35% of Singapore`s oil imports. Bilateral trade with the GCC reached a record $68.6 billion last year, up 62 per cent since 2007. The Trade Services Chapter will provide CCG service providers with better business opportunities in Singapore. International investment agreements (AI) are divided into two types: (1) bilateral investment agreements and (2) investment contracts. A bilateral investment agreement (ILO) is an agreement between two countries to promote and protect investments made by investors from the countries concerned in the territory of the other country. The vast majority of IDu are bits. The category of contracts with investment rules (TIPs) includes different types of investment contracts that are not BITs. There are three main types of TIPs: 1) global economic contracts that contain commitments that are often included in ILOs (. B, for example, a free trade agreement with an investment chapter); 2. contracts with limited investment provisions (for example. B, investment creation or free transfer of investment-related funds; and 3) contracts that contain only “framework clauses,” such as.

B on investment cooperation and/or a mandate for future investment negotiations. In addition to IDAMIT, there is also an open category of investment-related instruments (IRIs). It includes various binding and non-binding instruments, such as model agreements and draft instruments, multilateral conventions on dispute settlement and arbitration rules, documents adopted by international organisations and others. Based on Singapore`s latest bilateral trade data in 2012, $3.98 billion of Singapore`s goods will be eligible for immediate tariff-free processing, while Singapore`s $49.1 million will be eligible for processing after 2018. The GSFTA provides for rights and obligations to facilitate the free movement of individuals who trade and invest between the contracting parties. A natural person of a contracting party is a natural person who, in accordance with his respective laws, has a national or permanent residence in a GCC member state or Singapore. The presence of foreign individuals as a self-employed employer is not permitted. The GSFTA is a comprehensive free trade agreement that includes trade in goods, trade in services, investment, rules of origin, customs procedures, public procurement, e-commerce and economic cooperation. The GSFTA came into force on January 1, 2015. It is a comprehensive agreement that deals mainly with trade in goods, trade in services and public procurement.