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Turkey signs Free Trade agreement with Singapore

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/11/2015 (15:01)
According to media reports, Turkey and Singapore signed their third free trade agreement (FTA) on November 14 at the G20 Summit in Antalya, Turkey. The new FTA will be Turkey’s first comprehensive FTA in a single undertaking and is expected to be ratified by 2017. The new FTA will reportedly remove tariffs on products consisting of 80% of Singapore’s exports to Turkey once it goes into force and this will increase to 95% within the next ten years.

The head of the Turkish Plastics Industry Foundation (PAGEV), Yavuz Eroğlu, reported that the recent comprehensive FTA between Turkey and Singapore will open the doors of Southeast Asian petrochemical markets for Turkish players. “This agreement will ease sourcing feedstocks for plastics companies as well as open the doors of Southeast Asian markets,” said Eroğlu.

He also added that Singapore’s petrochemical industry centers on Jurong Island which houses one of the world’s largest crude oil refineries. The Jurong petrochemical complex is among the world’s ten largest petrochemical production sites. Singapore has a production capacity of 5.3 million tons/year of plastics feedstocks. In 2014, the country had foreign trade surplus of 4.8 million tons with exports reaching 7.5 million tons and imports reaching 2.6 million tons. In the same year, Singapore’s plastics products imports reached 781,000 tons while exports were reported at 321,000 tons.

In 2014, Turkey’s exports to Singapore totaled 633 tons with plastics products exports reaching 593 tons. From Singapore to Turkey, plastics products exports were reported at 96 tons, bringing Turkey’s foreign trade surplus for plastics products with Singapore to 497 tons.

In the first nine months of the year, meanwhile, trade between Turkey and Singapore was reported at around $610 million. In 2014, trade between the two countries was at $1.21 billion.
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