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Turkey-Singapore FTA in final stage, date of entry into force set

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/08/2017 (13:34)
According to a statement published on the Official Gazette on August 15, 2017, Turkey’s cabinet of ministers approved the free trade agreement with Singapore.

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.

Now both countries are expected to notify each other through the Ministry of Foreign Affairs to end their internal approval procedures for the agreement to be effective, according to Boykan Customs Consultancy. The agreement is expected to come in force on October 1, 2017.

Following the date the agreement takes effect, the 6.5% customs duty of Low Density Polyethylene (3901.10.90.00.11), High Density Polyethylene (3901.20.90.00.11), Polypropylene compounds (3902.10.00.00.11), PPH (3902.10.00.00.19), EPS (3903.11.00.00.00), PS (3903.19.00.00.00), SAN copolymers (3903.20.00.00.00), ABS copolymers (3903.30.00.00.00) as well as other products coded 3903.90.90.00.00 and 3904.10.00.00.19 will be eliminated in eight steps, by 0.81% each time.

Accordingly, the 6.5% customs duty of the above mentioned products are subject to will be lowered to 5.69% in the first step on the date the agreement comes into effect.
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