On the 17th of May 2000, New Zealand signed the free trade agreement with Singapore. This agreement marked the first bilateral free trade agreement signed between Singapore and any other country. It signaled an important step towards strengthening economic ties between these two countries. The agreement enhanced the trade and investment relations between the two countries, creating new opportunities and economic growth.
The FTA created a platform for businesses in New Zealand and Singapore to enjoy tariff-free access to each other`s markets. This meant that the products and services from both countries could enter each other`s markets without any additional tariffs. This has created enormous benefits for businesses from both countries, particularly exporters. The agreement provides tariff-free access for over 99% of New Zealand`s current exports to Singapore, including primary products such as dairy, meat, and horticultural products.
The FTA also provides a framework for the liberalization of services trade between Singapore and New Zealand. This means that service providers from both countries enjoy greater access to each other`s markets. This has created opportunities for businesses to expand their services into new markets and grow their businesses. The FTA also provides a framework for the recognition of professional qualifications. This means that professionals from both countries can work in each other`s markets without having to re-qualify.
The agreement also provides for greater cooperation between Singapore and New Zealand in the areas of customs, trade facilitation, and technical standards. In particular, it includes provisions on intellectual property, e-commerce, and competition policy. These provisions have helped to create a more conducive environment for businesses to operate in both countries. The agreement has also provided a mechanism for resolving disputes between businesses from both countries.
Overall, the New Zealand-Singapore FTA has been an incredibly successful agreement. It has helped to boost trade and investment between these two countries, creating new opportunities and growth. The benefits of the agreement are felt by businesses from both countries, particularly exporters and service providers. The FTA has provided a framework for greater cooperation between Singapore and New Zealand, which has helped to create a more conducive environment for businesses to operate in both countries. As such, the New Zealand-Singapore FTA continues to be an important agreement for both countries, and an exemplar for other nations considering bilateral trade agreements.