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SINGAPORE and The Cooperation Council for the Arab States of the Gulf (GCC) have substantively concluded negotiations for the GCC-Singapore Free Trade Agreement (GSFTA), said the two sides in a joint press statement on Thursday.
It said the final round of negotiations ended on Thursday and was the last
of four rounds that began in January 2007.
The GSFTA is a comprehensive agreement covering areas such as trade in goods, trade in services (including financial services), e-commerce, government procurement, customs, and cooperation.
It allows goods from Singapore and the GCC to gain duty-free access into each other's markets.
The deal aims to strengthen trade and investment linkages, and foster closer economic ties between Singapore and the GCC.
Service providers from both sides will also benefit from enhanced access to each other's markets, in areas such as architecture, engineering, air transport services and retail sale of fuel services.
When officiated, it will be the second FTA that Singapore signs with Middle Eastern economies.
The GCC comprises Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.
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