EMBARGOED: Japan-Singapore FTA takes effect.
TOKYO, Nov. 30 Kyodo
A free trade agreement (FTA) between Japan and Singapore took effect Saturday, eliminating tariffs on 98% of bilateral trade.
The first-ever FTA for Japan not only removes tariffs on trade in goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. between the two countries, it also reinforces cooperation on a wide range of economic activities including investment.
The agreement was singed by Prime Minister Junichiro Koizumi and Singapore Prime Minister Goh Chok Tong Goh Chok Tong, 1941–, prime minister of Singapore (1990–2004). After holding government and business positions, he was elected to Singapore's parliament in 1976 and served in the cabinet and People's Action party leadership from 1979. in January.
Japan is holding talks on FTAs with South Korea, Mexico and Southeast Asian nations.