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Free Trade Agreement Number Singapore

7. The location of the panel`s hearings, if held in person, is agreed upon between the contracting parties, otherwise it will take place in the capital of the contracting party in question. The RCEP establishes a modern, comprehensive, quality and mutually beneficial economic partnership that builds on ASEAN`s existing bilateral agreements with its five partners in the Free Trade Agreement (FTA). The RCEP, which accounts for about 30% of the world`s gross domestic product (GDP) and accounts for nearly one-third of the world`s population, is the world`s largest free trade agreement to date. As an important regional agreement, the Singapore RCEP will complement the existing network of free trade agreements, expand our economic space and stimulate trade and investment flows. Free trade agreements are treaties that facilitate trade and investment between two or more economies. Singapore has an open economy, fuelled by trade in goods and services. Over the years, it has established an extensive network of 25 agreements implemented. compensatory measures: measures to promote local development or improve balances of payments through national content, technology licensing, investment requirements, counter-trade or similar requirements; The parties agree to exchange information in order to facilitate exchanges between them.

Each party promptly responds to all requests from the other party regarding standards, technical regulations or compliance assessment procedures for good trade between the parties. All information or explanations provided must be provided on paper or electronically. The parties agree to apply their health and plant health rules in a non-discriminatory manner and not to introduce new measures that cause excessive trade obstruction. 2. Any period covered by this chapter and the internal regulation may be amended, by mutual agreement between the contracting parties, according to certain procedures. The desire to contribute to the harmonious development and expansion of world trade and to create a catalyst for greater international cooperation; The RCEP will require the ratification of 6 of the 10 ASEAN member states and 3 of the five ASEAN-FTA partners for the agreement to enter into force. Therefore, the timing of implementation depends on the internal processes for ratification of the agreement by RCEP partners. 5. The appeal procedures provide for a correction of the breach of contract or compensation for losses or damages incurred in accordance with the national legislation of each contracting party, which may be limited to the costs of preparation or objection. The agreement has a global scope, including trade in products (industrial products, processed agricultural products, fish and seafood), trade in services, investment, protection of intellectual property rights, public procurement and competition.

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