Gulf Cooperation Council’s (GCC) Free Trade Agreement (FTA) with Singapore has entered into force on January 01, 2015.
The GCC comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates and Singapore jointly announced the launch of FTA negotiations in November 2006, and the FTA was signed on December 15, 2008. For this agreement, approximately 93.9 percent of all Singaporean goods exported to the GCC qualified for immediate tariff-free concessions, while an additional 2.7 percent of tariff lines will qualify for the same tariff-free concessions in 2018. Singapore also granted zero-tariff treatment on all GCC imports with immediate effect. The FTA covers trade in goods, trade in services, investment and rules of origin, customs procedures, government procurement, electronic commerce, and economic cooperation.
