Business

Turkey-Singapore FTA to take effect on Oct 1

A bilateral free trade agreement (FTA) that Singapore and Turkey have ratified will go into force on Oct 1, marking a new milestone in the relations of the "gateway" nations to their respective regions.

The FTA was announced at a joint press conference at the Istana yesterday by Prime Minister Lee Hsien Loong after his meeting with his Turkish counterpart Binali Yildirim.

The Turkey-Singapore FTA (TRSFTA) signed in November 2015 is a comprehensive agreement that covers a range of areas including goods and services, e-commerce, competition and transparency.

"I look forward to the FTA entering into force soon," Mr Lee said.

"This TRSFTA is another significant milestone in our bilateral relationship.

"It will send a strong signal to our business communities and strengthen our economic ties."

Mr Yildirim, the second Turkish prime minister to visit Singapore, said bilateral trade has been on the rise and he is confident the FTA will boost trading volumes. -THE STRAITS TIMES

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TRADINGTurkeyLee Hsien Loong