1. Press releases
Singapore and Japan Prime Ministers sign Protocol Amending Agreement for a New-Age Economic Partnership (JSEPA)
19 March 2007
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SINGAPORE AND JAPAN PRIME MINISTERS SIGN PROTOCOL AMENDING AGREEMENT FOR A NEW-AGE ECONOMIC PARTNERSHIP (JSEPA)
New Agreement will bring about greater
Prime Minister Lee Hsien Loong and Japanese Prime Minister Shinzo Abe today signed in Tokyo the Protocol Amending the Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership (JSEPA), after reaching agreement on the major elements to be improved following the substantive review of the JSEPA.
This review of the JSEPA covered improved market access in the area of industrial and agricultural products, revised rules of origin, improved specific commitments for financial services, revised customs procedures and technical alteration to provisions on competition. The tariff concessions are expected to come into force in January 2008.
The revised JSEPA will bring about greater liberalization in trade in goods and services. With enhanced access to each other’s markets, the JSEPA will boost the growing trade and investment linkages between Japan and Singapore.
The JSEPA first entered into force in November 2002.Since then bilateral trade has increased by 31% to reach S$55.2 billion last year. Japan is currently Singapore’s 6th largest trading partner worldwide, and Singapore is Japan’s 8th largest trading partner in Asia.
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