Free Trade Agreements/Partnerships
Trans-Pacific Strategic Economic Partnership (TPSEP)
The Trans-Pacific Strategic Economic Partnership (TPSEP), also known as Pacific-4 (P4), is a Free Trade Agreement between Brunei Darussalam, Chile, New Zealand, and Singapore.
About the Trans-Pacific Strategic Economic Partnership (TPSEP)
The Trans-Pacific Strategic Economic Partnership (TPSEP), also known as Pacific-4 (P4), is a Free Trade Agreement between Brunei Darussalam, Chile, New Zealand, and Singapore. It was signed in 2005 and entered into force in 2006.
Since 2017, the TPSEP has eliminated all tariffs for the trade of originating goods among Parties. The TPSEP also adopts a self-certification process, under which Singapore exporters or producers can make a declaration of origin on their export invoice, without the need for a formal certificate of origin from Singapore Customs. Additionally, the TPSEP safeguards market access, and ensures a more predictable operating environment for service suppliers.
Key Features of the TPSEP
Tariff Elimination
Customs duties for all product lines have been eliminated under the TPSEP.
Trade Facilitation
Mechanisms to facilitate mutual recognition, encourage alignment with international standards and practices, reduce duplicative testing and certification procedures, and ensure efficient clearance of shipments provide greater certainty and cost savings for Singapore exporters.
Services Trade Predictability
Commitments around Market Access, National Treatment, Domestic Regulations, and Transparency allow Singapore businesses to benefit from a more predictable operating environment. Under a negative list approach, these commitments apply to all services sectors by default, exempting only those sectors that are specifically reserved.
Strategic Partnership
Enhanced cooperation between Parties in areas of the economy, primary industry sectors, research, science and technology, education, and culture.