Singapore and New Zealand share strong trade and investment relations, the MTI statement said. In 2018, bilateral trade increased by 12.1 per cent over the previous year to $4.1 billion. Singapore was New Zealand`s sixth largest investor with investments of about $3.9 billion (end of 2017), according to figures from New Zealand`s official stats NZ data agency. The closer economic partnership agreement between New Zealand and Singapore came into force on 1 January 2001. This is the most comprehensive trade agreement New Zealand has negotiated, with the exception of the agreement on closer economic relations with Australia. The CEP aims to establish close historical links between Singapore and New Zealand by improving trade opportunities for goods, services and investment. NZ-Singapore CEP is a free trade agreement that benefits all New Zealanders. In this updated chapter, the two countries will remove barriers to food imports and exports and ensure that companies comply with strict food security requirements. Singapore and New Zealand have agreed that if our free trade agreements treat an exporter, service provider or investor in New Zealand or Singapore differently, you are entitled to demand the more favourable treatment that will be granted to you under this Agreement. For merchandise exporters, the Tariffiner (external link) helps you make your decision. All tariffs to Singapore are now zero under all free trade agreements with Singapore. For exporters, it is important to look at the provisions of the free trade agreement on goods as a set of rules before they decide which agreement should be used. 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.
In September 1999, New Zealand and Singapore announced that they would negotiate a trade agreement. New Zealand Prime Minister Helen Clark and Prime Minister Goh Chok Tong signed the Closer Economic Partnership Agreement between New Zealand and Singapore at a signing ceremony in Singapore on November 14, 2000. Singapore hosted the first ministerial review of the agreement in November 2001, while New Zealand hosted the second ministerial review of the agreement in July 2004. Since the first CEP negotiation, we have negotiated a number of other free trade agreements, including Singapore. Find out more about our other free trade agreements with Singapore. In May 2019, Singapore and the NZ turned bilateral relations into a strengthened partnership (EP). The European Parliament was officially created by a joint declaration signed by Prime Minister Lee Hsien Loong and New Zealand Prime Minister Jacinda Ardern during the official visit to Singapore in May 2019. We have developed 26 bilateral cooperation initiatives in the four pillars of the EP: (a) trade and the economy; b) security and defence; (c) science, technology and innovation; and (d) unpublished compounds. Recent amendments to an ANZSCEP include new chapters on e-commerce and regulatory cooperation, as well as updated chapters on, among other things, trade in goods, the rule of origin and customs.