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To help Singapore companies understand the benefits of some of the Free Trade Agreements (FTAs) and resources available, the Singapore Manufacturing Federation (SMF) organised a knowledge sharing seminar on 8 November 2018.
8 November 2018 - To help Singapore companies understand the benefits of some of the Free Trade Agreements (FTAs) and resources available, the Singapore Manufacturing Federation (SMF) organised a knowledge sharing seminar on 8 November 2018. This event proved to be highly popular and attracted more than 200 company representatives.
Some 200 participants from local companies attended the seminar to learn more about the FTAs.
At the seminar, speakers from Enterprise Singapore (ESG) explained the benefits of two FTAs, namely, the ASEAN-China Free Trade Area (ACFTA) and the European Union-Singapore Free Trade Agreement (EUSFTA). One such benefit, for example, is that by exporting with a Preferential Certificate of Origin (PCO) issued by the Singapore Customs, the FTAs eliminate or reduce import duties, which help exporting companies save on tariffs.
From left to right: Ms Foo May Yan (Senior Development Partner, ESG), Mr Ryan Kong (Senior Development Partner, ESG), and Ms Choo Wai Yee (Deputy Director, National Trade Platform Office, Singapore Customs) shared the benefits of the ACFTA and EUSFTA and the resources available to the Singapore companies to make use of the 23 concluded FTAs. They also took questions from the participants with regard to trading overseas.
The Deputy Director of Networked Trade Platform (NTP) Office from the Singapore Customs, Ms Choo Wai Yee also introduced the NTP to the participants. Launched on 26 September 2018, the NTP is a national trade information management platform that aims to be a one-stop interface that offers a wide range of trade-related services. The NTP is being released in phases and may be accessed via https://www.ntp.gov.sg.
Other helpful resources on trading overseas and the FTAs include:
https://www.enterprisesg.gov.sg/non-financial-assistance/for-singapore-companies/free-trade-agreements/ftas/overview – information on all the 23 concluded FTAs.
https://mendel-online.com/#/?cid=ESG – a Tariff Finder that is developed by ESG, is a foreign trade application that provides quick answers to your tariff enquiries.
https://www.customs.gov.sg/businesses/exporting-goods/certificates-of-origin - learn how to apply for a PCO through the Singapore Customs.