S'pore, Japan conclude joint study on free trade<\/p>\n
SINGAPORE (AFP): A free trade agreement between Singapore and
\nJapan has moved a step closer to realization with the completion
\nof a joint study on the proposed pact, officials said Friday.<\/p>\n
The joint study group has submitted its recommendations to the
\nprime ministers of both countries for the so-called Japan-
\nSingapore Economic Agreement for a New Age Partnership, Singapore
\nofficials said.<\/p>\n
"For this particular agreement what we have done is actually
\ngone beyond just trade investment and liberalization and
\nfacilitation to also include cooperation elements in the new high
\ngrowth sectors of the future," said Pang Kin Keong, a Singapore
\nMinistry of Trade and Industry consultant who co-chaired the
\njoint-study group.<\/p>\n
The proposed agreement will give Singapore "a bridge into
\nNortheast Asia" and "enhance Japan's economic presence in the
\nregion," he said.<\/p>\n
"Beyond that, we believe and hope such an (agreement) will
\nactually help to catalyze further regional trade liberalization
\nand encourage others in the region to do likewise," said Pang.<\/p>\n
The agreement would boost the gross domestic product of the
\ntwo countries, but Pang did not give projections, saying the
\nfigures were not yet quantifiable.<\/p>\n
The joint study group in its report called on Singapore Prime
\nMinister Goh Chok Tong and Japanese Prime Minister Yoshiro Mori
\nto begin formal negotiations in January next year.<\/p>\n
"Within the year of 2001, we hope to have the whole
\nnegotiations wrapped up," he said.<\/p>\n
Lowering barriers could "result in more Singaporean businesses
\nopening operations in Japan, possibly offering better services
\nand products than domestic companies to Japanese consumers," said
\na senior Japanese foreign ministry official who did not want to
\nbe named.<\/p>\n
"At the very least, it would give consumers more choice."<\/p>\n
One issue being considered by Japan and Singapore is unified
\nrules on product certification.<\/p>\n
"That could mean lower trade costs, which may translate into
\ncheaper imported goods on the shelves of shops in both
\ncountries," the official said.<\/p>\n
In its report, the joint-study group said the proposed
\nagreement "should also focus on the liberalization of trade in
\nservices, investment and movement of people, between both
\ncountries" besides the lowering of unnecessary of non-tariff
\nbarriers.<\/p>\n
"It should put in place a predictable and business friendly
\nframework of rules in all these areas to enhance bilateral
\neconomic activity."<\/p>\n
In the high growth technology sector, the group recommended
\nthe creation of a "legal and regulatory certainty for electronic
\ntransactions including enforcing the privacy of consumers and the
\nprotection of their personal data."<\/p>\n
The two governments can also exchange information on their
\nregulatory frameworks, the study group said.<\/p>\n
An electronic customs clearance system should be set up
\nbetween importers and exporters in the two countries.<\/p>\n
This will lead to faster processing of trade documentation, it
\nsaid.<\/p>\n
Both countries should also undertake joint-efforts to identify
\nand invest in promising technology start-ups in the region, the
\ngroup said.<\/p>\n
The two countries can also co-operate in media and
\nbroadcasting, tourism, human resource management and trade
\npromotions, the study said.<\/p>\n
Japan was Singapore's third largest trading partner in 1999,
\nwhile the island state ranks as Japan's ninth largest. Cumulative
\nJapanese investments in the city-state exceeds S$20 billion
\n(US$11.6 billion).<\/p>\n
Singapore recently concluded a free trade agreement with New
\nZealand and is pursuing a similar pacts with Mexico and Canada.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spore-japan-conclude-joint-study-on-free-trade-1447893297",
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