02 September 2013 03:35 [Source: ICIS news]
SINGAPORE (ICIS)--The Singapore-Gulf Cooperation Council (GCC) free trade agreement (FTA) came into effect on 1 September, the southeast Asian country’s Ministry of Trade and Industry (MTI) said over the weekend.
GCC countries include the United Arab Emirates (UAE), Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
With this agreement, approximately 95% of all GCC tariff lines will qualify for tariff-free concessions.
The GCC is Singapore’s fifth largest trading partner and accounts for 35% of its oil imports.
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