Turkey-Singapore FTA to come into force in October

Exports tariffs will be removed in 80% of Turkey’s tariff lines immediately.

A bilateral free trade agreement (FTA) between Singapore and Turkey will come into force on 1 October 2017.

The FTA was signed in 16 November 2015, OCBC said. Bilateral trade in goods reached $1.4b in 2016, whilst bilateral services trade hit $500m in 2015.

According to a press release, tariffs for Singapore's exports to Turkey on 80% of all tariff lines will be eliminated immediately. The coverage will rise to 95% of tariff lines in 10 years.

Exporters of electronics, pharmaceuticals, chemicals, and processed food products will mainly benefit from the tariff removal.

The FTA will also help Singaporean companies leverage Turkey's location as entry point to markets in Europe, Central Asia, the Middle East, and Africa.

Turkish companies will also be encouraged to expand through the ASEAN region and beyond.