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Singapore, Turkey To Begin FTA Talks

by Mary Swire, Lowtax.net, Hong Kong
13 January, 2014

During Turkish Prime Minister Tayyip Erdogan's recent visit to Singapore, it was confirmed at a joint press conference with Singapore Prime Minister Lee Hsien Loong on January 8 that the two countries have agreed to begin free trade agreement (FTA) talks.

After his talks with Erdogan, Lee stated that the two leaders had agreed to begin negotiations on a comprehensive Turkey-Singapore FTA, in addition to discussions on civil aviation and a raising of the flight frequency between the two countries.

Subsequently, during his speech at the Turkey-Singapore Business Forum on January 9, Lim Hng Kiang, Singapore's Minister for Trade and Industry, confirmed that "the relationship between Turkey and Singapore has grown and flourished over the years. Singapore's trade with Turkey has remained above SGD1bn (USD787.2m) since 2007. In 2012, our bilateral trade was SGD1.46bn."

"I think much more can be done if we want to grow bilateral trade," he continued. "In this regard, Singapore looks forward to greater economic cooperation with Turkey through a comprehensive FTA. Preliminary discussions have already taken place between officials of the two countries. Our two Prime Ministers have directed (Turkish Economy Minister) Nihat Zeybekci and myself to launch comprehensive negotiations on a win-win basis."

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