SINGAPORE: Economic ministers from the Association of Southeast Asian Nations (ASEAN) on Wednesday (Aug 29) inked two agreements aimed at deepening the integration of the services sector and improving trade facilitation within the region.
This includes the 10th Package of Commitments under the ASEAN Framework Agreement on Services (AFAS) – the final package to be concluded as part of an agreement to eliminate restrictions on trade in services.
AdvertisementUnder this package, ASEAN member states have increased the depth of their services commitments for sectors previously committed and opened up new services sectors to market access, said Singapore’s Minister for Trade and Industry Chan Chun Sing.
This means that ASEAN services providers will now be able to enjoy a legally-binding guarantee of the widest preferential services market access into ASEAN markets in the region's history, while facing fewer discriminatory barriers, he added in his opening remarks for the signing ceremony.
The signing ceremony of the 10th package of commitments under AFAS. (Photo: Tang See Kit)
It will also become easier for service providers, including those based in Singapore, to participate in services sectors that were previously closed in the ASEAN member states.
AdvertisementAdvertisementThese include logistics, air transport, maritime transport, computer, telecommunications, tourism, construction service sectors, and professional services.
A protocol to amend the ASEAN Trade in Goods Agreement (ATIGA) was also signed on Wednesday, paving the way for the incorporation of the ASEAN-wide self-certification regime (AWSC).
The new regime will allow certified exporters to self-certify the origin of their exports to enjoy preferential treatment, said Mr Chan.
This benefits both importers and exporters as it does away with administrative hassle and additional application fees, as well as helps improve efficiency for issuing authorities.
For Singapore-based exporters, they could potentially enjoy annual savings of about half a million dollars, said Mr Chan.
"Goods and services trade continue to be integral to our regional economic integration journey, and are the foundations of our regional trade architecture," he said, adding that the two agreements can contribute to a more open and facilitative business environment in ASEAN.
Mr Chan said: "They will help us to navigate the issues of today and the future, and continue to help us seize opportunities."
Economic ministers and diplomats from the 10 ASEAN member states are gathered in Singapore this week for the annual ASEAN Economic Ministers’ (AEM) Meeting and related meetings with key counterparts across the region.
Singapore is the ASEAN chair this year.
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This includes the 10th Package of Commitments under the ASEAN Framework Agreement on Services (AFAS) – the final package to be concluded as part of an agreement to eliminate restrictions on trade in services.
AdvertisementUnder this package, ASEAN member states have increased the depth of their services commitments for sectors previously committed and opened up new services sectors to market access, said Singapore’s Minister for Trade and Industry Chan Chun Sing.
This means that ASEAN services providers will now be able to enjoy a legally-binding guarantee of the widest preferential services market access into ASEAN markets in the region's history, while facing fewer discriminatory barriers, he added in his opening remarks for the signing ceremony.
It will also become easier for service providers, including those based in Singapore, to participate in services sectors that were previously closed in the ASEAN member states.
AdvertisementAdvertisementThese include logistics, air transport, maritime transport, computer, telecommunications, tourism, construction service sectors, and professional services.
A protocol to amend the ASEAN Trade in Goods Agreement (ATIGA) was also signed on Wednesday, paving the way for the incorporation of the ASEAN-wide self-certification regime (AWSC).
The new regime will allow certified exporters to self-certify the origin of their exports to enjoy preferential treatment, said Mr Chan.
This benefits both importers and exporters as it does away with administrative hassle and additional application fees, as well as helps improve efficiency for issuing authorities.
For Singapore-based exporters, they could potentially enjoy annual savings of about half a million dollars, said Mr Chan.
"Goods and services trade continue to be integral to our regional economic integration journey, and are the foundations of our regional trade architecture," he said, adding that the two agreements can contribute to a more open and facilitative business environment in ASEAN.
Mr Chan said: "They will help us to navigate the issues of today and the future, and continue to help us seize opportunities."
Economic ministers and diplomats from the 10 ASEAN member states are gathered in Singapore this week for the annual ASEAN Economic Ministers’ (AEM) Meeting and related meetings with key counterparts across the region.
Singapore is the ASEAN chair this year.
Let's block ads! (Why?)
More...