The Free Trade Agreement (FTA) between the Republic of Turkey and the Republic of Singapore was signed on 14 November 2015 and entered into force on 1 October 2017.
Turkey’s most comprehensive FTA until now which covers a wide range of areas including goods and services, investment, e-commerce, competition and transparency, is Turkey’s third FTA in Asia-Pacific region after South Korea and Malaysia FTAs.
The FTA will reduce barriers to trade and investment between Turkey and Singapore, enhance access to services sectors and procurement markets, as well as it aims to promote greater connectivity between businesses and people.
Tariffs for Turkey’s exporters will be eliminated by Singapore immediately after the entry into force of the FTA, while for Singapore's exports, Turkey will eliminate 80 per cent of its tariffs immediately after the entry into force of the FTA. This will increase to 95 per cent of all tariff lines over a period of 10 years.
It is expected that the FTA will help more Singapore companies to leverage Turkey’s strategic location as a gateway to the larger regional markets in Europe, Central Asia, the Middle East and Africa. Turkish firms are also encouraged to use Singapore as their base to seek opportunities in the rapidly growing ASEAN and Asia-Pacific region and beyond.
Trade volume between the Turkey and Singapore was 1.079 million dollar in 2017. In 2017, Turkey’s export to Singapore was amounted to 679 million dollar, while Turkey’s imports from Singapore was amounted to 400 million dollar.