Japan-Singapore Economic Partnership Agreement (JSEPA)
FTA for greater economic co-operation
The Japan – Singapore Economic Partnership Agreement (JSEPA) was officially signed between Japan’s Prime Minister Junichiro Koizumi and Singapore’s then Prime Minister Goh Chok Tong in January 2002. As a part of JSEPA, JETRO had signed the memoranda of understanding with International Enterprise Singapore and SPRING Singapore. Under this MOU, JETRO Singapore has committed to promote more trade and investment between the two countries and greater co-operation among small and medium sized enterprises.
News on JSEPA
Japan and Singapore sign revised Japan-Singapore Economic Partnership Agreement (JSEPA)
The Prime Ministers of Japan and Singapore signed the revised Japan-Singapore Economic Partnership Agreement (JSEPA) on March 19, 2007. Singapore Prime Minister Lee Hsien Loong who was in Tokyo for a 4-day official visit, described the agreement which first came into force in November 2002 as the 'centrepiece of our economic relationship'.
With the new tariff concessions and other liberalisation measures under the new agreement, Singapore companies can expect to save an additional S$10 million on their exports to Japan. The revised terms also include better market access, improved specific commitments for financial services, revised rules of origin and technical changes to provisions on competition. Singapore will now enjoy tariff-free treatment for 8,315 industrial and agricultural products, which account for 92 per cent of Japan's total tariff lines.
The meeting between the two leaders also generated new ideas for more co-operation. Mr Lee agreed to a suggestion from Mr Shinzo Abe to set up a Japanese Cultural Centre in Singapore to promote Japanese anime, music and the Japanese language, among other things, throughout the region.
In-Principle Agreement Reached After Review of Japan-Singapore FTA
Japan and Singapore have concluded discussions and reached an agreement in principle on the major elements to be improved pursuant to the review of the Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership (JSEPA).
A press release issued on January 18 2007 from the Japan Ministry of Foreign Affairs said that the agreement was made at the JSEPA third Supervisory Committee meeting held in Singapore. The elements agreed at the meeting include “improved market access, revised rules of origin, improved specific commitments for financial services, revised customs procedures and technical alteration to provisions on competition”.
The statement said both sides are also committed to work towards the early finalisation of the legal texts and other documents to enable the improvements to take effect as soon as possible.
JSEPA is Japan’s first bilateral Economic Partnership Agreement and one of Singapore’s earliest with a major trading partner. As JSEPA has been in force since November 2002, both parties decided, at the second Supervisory Committee meeting held in April 2006 in Tokyo, to review the Agreement.