First GCC trade accord signed with Singapore.Dubai: The six Gulf oil producers onAa Monday signed a free trade agreement (FTA FTA
Future Teachers of America ) with Singapore, the first-ever FTA, a statement said.
"The Gulf Cooperation Council (GCC GCC: see Gulf Cooperation Council.
(compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). ) Singapore FTA (GSFTA), the first-ever FTA for the GCC, in a key step forward for economic relations between Singapore and its 7th largest trading partner," the statement said.
The GCC and Singapore agreed to enhance cooperation in the air services sector. Such cooperation may include, among other things, concluding air services agreements between one or more of the GCC countries and Singapore.
The GCC currently accounts for 40 per cent of Singapore's oil imports. Bilateral trade with the GCC, comprising Saudi Arabia, the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. , Qatar, Kuwait, Bahrain and Oman, reached a record high of S$42.4 billion (Dh105.45 billion) in 2007, a 127 per cent increase since 2002.
The agreement was signed in Doha between Singapore Prime Minister Lee Hsien Loong Lee Hsien Loong, 1952–, prime minister of Singapore (2004–). The eldest son of Lee Kuan Yew, Singapore's first prime minister, Lee was educated at Cambridge and Harvard while also serving (beginning in 1974) in Singapore's armed forces. and his GCC counterparts, President-in-Office of the GCC Ministerial Council and Qatar Prime Minister Shaikh Hamad bin Jasem Al Thani, and GCC Secretary-General Abdul Rahman bin Hamad Al Attiyah.
The GSFTA is a comprehensive free trade agreement covering areas including trade in goods, trade in services Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called , investments, rules of origin, customs procedures, government procurement, electronic commerce, and economic cooperation.
The agreement will grant tariff-free access for about 99 per cent of Singapore's domestic exports, worth about S$3.1 billion in 2007. All GCC goods entering into Singapore will also be granted tariff-free access.
The GSFTA will also encourage a greater recognition of Singapore's halal ha·lal Islam
Meat that has been slaughtered in the manner prescribed by the shari'a.
1. Of or being meat slaughtered in the prescribed way: a halal butcher; a halal label. standards in the six-member Arab trade group. The GCC countries have committed to either recognise or begin talks to recognise the Singapore Muis Halal Standards (SMHS SMHS Sisters of Mercy Health System
SMHS San Marcos High School (California)
SMHS San Mateo High School
SMHS St. Mary's High School
SMHS San Marino High School (California) ) as consistent and compliant with similar standards in their countries.
Recognition of SMHS by the GCC countries will not only facilitate trade in halal product exports to the GCC, but will also provide greater assurance to Gulf visitors that their dietary requirements will be met when they visit Singapore.
The GSFTA allows Singapore-based companies and Singapore Permanent Residents to hold majority stakes in key sectors of the GCC markets. In particular, Singapore gained enhanced access in the UAE, Saudi Arabia and Qatar for construction services, computer services, environmental services and professional services.
GCC countries are committed to signing bilateral Investment Guarantee Agreements (IGAs) with Singapore in order to better protect the investments of our businessmen in each other's countries.
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