Revised Agreement for a New-Age Economic Partnership (JSEPA) Between Japan and Singapore to Come Into Force on 2 September 2007
The revised Agreement for a New-Age Economic Partnership (JSEPA) between Japan and the Republic of Singapore will enter into force on 2 September 2007, after both countries have completed their legal and administrative procedures to implement the agreement.
The revised JSEPA will bring about improved market access for industrial and agricultural products, revised rules of origin, improved specific commitments for financial services, revised customs procedures and technical alteration to provisions on competition.
Singapore will now enjoy tariff-free treatment for approximately 92% (up from the existing 77%) of Japan’s total tariff lines. Improvements relating to trade in goods will come into effect on 1 January 2008. In financial services, Singapore has agreed to grant access for one Full Bank licence for Japanese banks that meet the relevant admission criteria of the Monetary Authority of Singapore. Interest from Japanese banks for the Full Bank licence should be referred to the Monetary Authority of Singapore by end-September 2007. The agreement also contained improved commitments in insurance and asset management.
The JSEPA first entered into force in November 2002. Following a substantive review of the JSEPA, Prime Minister Lee Hsien Loong and Japanese Prime Minister Shinzo Abe signed the Protocol Amending the JSEPA in Tokyo on 19 March 2007.