The updated agreement adds the e-commerce and regulatory cooperation chapters to an ANZSCEP, Singapore`s first bilateral free trade agreement and The second bilateral free trade agreement of New Zealand (FTA) that came into force on 1 January 2001, the Ministry of Trade and Industry said on Monday (December 30th). Updated ANZSCEP Infographic (Closer Economic Partnership Agreement between New Zealand and Singapore) Given the quality market access results that New Zealand has already achieved for our exporters in other trade agreements with Singapore, the main advantage of the CEP revaluation is strategic. Singapore and New Zealand are both small, like-minded industrialized countries that rely on the international system of rules. This revaluation reinforces the role both countries play as leaders in trade and economic integration and will serve as a model for the entire Asia-Pacific region in the coming years. The Closer Economic Partnership (CEP) with Singapore was one of our fastest free trade agreements, which lasted less than a year before negotiations were concluded. Signed in 2000, the CEP came into force in 2001. Singapore is now New Zealand`s largest trading partner in the Southeast Asia region, with NZ 5.2 billion in two-way trade and $5.1 billion in two-way investment in December 2018. In addition to their strong economic relations, Singapore and New Zealand work closely together in the defence field through platforms such as the Asean-Plus defence ministers` meeting and the five power defence agreements. “This modernized agreement will further reduce trade barriers and strengthen regulatory cooperation and e-commerce, benefiting businesses in our two countries. I look forward to deepening economic relations between our countries,” Chan said.
At the end of December 2019, Singapore and New Zealand ratified the enhanced Closing Economic Partnership Agreement (ANZSCEP). The agreement came into force on January 1, 2020. In addition to improving market access, ANZSCEP is also taking economic cooperation between Singapore and New Zealand to new heights. In 2002, New Zealand established its first technology centre in Singapore to help New Zealand companies commercialize technologies and internationalize their operations. This new chapter establishes mechanisms for resolving business-to-business disputes more effectively and more quickly. The chapter also promotes good regulatory practices through cooperation between government regulators, particularly in areas related to goods and services. Negotiations on the revalued ANZSCEP began in June 2017 as part of the trade and economic pillar of the strengthened Singapore-New Zealand partnership. The revalued ANZSCEP was signed on 17 May 2019 during new Zealand Prime Minister Jacinda Ardern`s first official visit to Singapore. NZ-Singapore CEP is a free trade agreement that benefits all New Zealanders. New Zealand and Singapore have a long-standing and close relationship.
We share views on trade, economic, political and security issues and see Singapore as an important partner. Find out more about our other free trade agreements with Singapore. The agreement will address modern trade issues and improve trade rules and rules that are compatible with recent free trade agreements between Singapore and New Zealand.