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Turkey-Singapore FTA enters into force

by ChemOrbis Editorial Team -
  • 02/10/2017 (17:56)
According to a statement published on the Official Gazette on October 1, 2017, the free trade agreement (FTA) between Turkey and Singapore has entered into force, as planned.

Following the date the agreement takes effect, the 6.5% customs duty of Low Density Polyethylene (3901., High Density Polyethylene (3901., Polypropylene compounds (3902., PPH (3902., EPS (3903., PS (3903., SAN copolymers (3903., ABS copolymers (3903. as well as other products coded 3903. and 3904. will be eliminated in eight steps, by 0.81% each time.

Accordingly, the 6.5% customs duty of the above mentioned products will be lowered to 5.69% in the first step on the date the agreement comes into effect. Those products will be fully exempted from any types of customs duties as of January 1 of the eighth year.

After the FTA between Turkey and Singapore was first signed in Antalya on November 14, 2015, it received endorsement from the Turkey’s side in March 2017 and accordingly, the internal approval procedures of both parties started. On August 15, 2017, Turkey’s cabinet of ministers approved the free trade agreement with Singapore.
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