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SINGAPORE : Singapore and Japan have amended an economic agreement to help bring about greater liberalisation in trade of goods and services.
Singapore Prime Minister Lee Hsien Loong and his Japanese counterpart Shinzo Abe on Monday signed the revised "Japan-Singapore Economic Partnership Agreement" (JSEPA) in Tokyo.
Mr Lee said the revisions would benefit both sides and take the two nations' relationship another step forward.
The improved economic agreement has strategic significance to Singapore and Japan.
Trade between Singapore and Japan increased by over 30 percent to reach US$36 billion or about S$55 billion last year, since the agreement was signed in 2002.
PM Lee said, "Japan is one of the most important economic partners so JSEPA is a centrepiece to this relationship. Since JSEPA entered into force in 2002, it (has) yielded significant results; our trade has grown, our economic inter-dependency has deepened."
PM Abe said, "The two countries share common fundamental interests and views on the stability and prosperity of East Asia, and (in) this meeting, we (have) confirmed that we'll cooperate closely as reliable partners to tackle the various issues faced by the region and the international community as a whole."
The revised agreement includes lower tariffs for more product types, and fewer restrictions on wholesale banking.
Singapore's Trade and Industry Minister Lim Hng Kiang said, "In the past, we were able to achieve tariff savings of about $15 million; with this revision, we expect to be able to save an additional $10 million. So all in all, it's been a good upgrading of the agreement.
"It's a very comprehensive change. First of all, the tariff reductions and the coverage will allow us to move trade forward, we expect trade to expand because of the more favourable trading and export environment."
The new tariff concessions are expected to come into force in January next year. - CNA/ms
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