Reaping the Benefits for your Business with “ASTEP”
- Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) liberalises trade in goods and services
- Preferential tariff access offers Singapore exporters competitive advantage in an important market of 23 million
16 May 2014 [Singapore] – Singapore companies are set to benefit from the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) which entered into effect on 19 April 2014. The ASTEP is a comprehensive agreement that liberalises and facilitates the trade in goods, services and investments between both markets. The agreement marks Chinese Taipei’s first economic partnership with a Southeast Asian economy and also its first agreement with one of its top 10 trading partners.
At a joint seminar organised by the Singapore Business Federation, IE Singapore and the Singapore Customs, over 40 participants gained insights on the benefits of ASTEP and its potential opportunities. Participating companies were also provided a one-to-one business consultation by IE Singapore consultants.
ASTEP offers Singapore exporters preferential tariff access and a competitive advantage in an important market of 23 million. The agreement not only opens up business opportunities for Singapore companies, it also provides a framework for facilitating trade which will reduce costs for businesses and specify mechanisms how the two parties can cooperate and resolve differences.
Speakers at the seminar include Mr Chan Khar Liang, Singapore ASTEP Chief Negotiator, Mr Eugene Chen, Director of the Economic Division at Taipei Representative Office in Singapore, Mr Toh Boon Ho, Divisional Director of Trade Services and Policy Group at International Enterprise Singapore and Ms Huang Yahui, Senior Trade Officer at Singapore Customs.