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The Agreement Between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) will be implemented on 19 April 2014. Singapore Customs (SC) Circular No: 07/2014 dated 3 April 2014 outlines the procedures for the claiming of preferential tariff treatment for originating goods from the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (“Chinese Taipei”) under the ASTEP. Information on the Rules of Origin for exports to Chinese Taipei under the ASTEP can be found in a SC Circular No. 06/2014 dated 3 April 2014.
ASTEP is a high quality comprehensive agreement that will liberalise and facilitate trade in goods, trade in services and investments between Singapore and Chinese Taipei. It also includes provisions on intellectual property, government procurement, e-commerce, competition and dispute settlement. ASTEP is an important agreement for Singapore as it provides preferential tariff access that offers Singapore exporters competitive advantage in an important market of 23 million. For Singapore exports to Chinese Taipei, approximately 97% of Singapore’s current exports will qualify for immediate tariff-free treatment, while the remaining 3% will qualify at five, ten or fifteen years after ASTEP enters into force. For Chinese Taipei Exports to Singapore, ASTEP provides for immediate elimination of tariffs on all goods originating from Chinese Taipei. Under the Agreement, both Customs Administrations would promote paperless trading including the establishment of a single window, adopt risk management, issue advance rulings, and share best practices. Traders will benefit from faster turnaround time which would lower compliance costs for Customs regulatory requirements. Both Parties have committed to establish mutual recognition of their Authorised Economic Operator programmes based on the World Customs Organization Framework of Standards, to secure and facilitate trade. An overview and details of the other chapters may be found on the ASTEP website. |
