Programmes & schemes for market expansion
Singapore’s Bilateral Agreements with South Korea
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ASEAN–Korea Free Trade Area (AKFTA)
The AKFTA eliminates tariffs for 80% of the goods traded between ASEAN and Korea.
It safeguards market access and ensures a more predictable operating environment for service suppliers by creating a more transparent, facilitative, and secure environment for investors.
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Korea–Singapore Digital Partnership Agreement (KSDPA)
The KSDPA is Singapore’s first Digital Economy Agreement (DEA) with an Asian country. DEA is an overarching agreement for deeper cooperation in the digital economy between both countries to shape international rules, establish interoperability between digital systems, and address frontier issues from emerging technologies.The KSDPA aims to strengthen existing disciplines in the Korea–Singapore Free Trade Agreement (KSFTA) E-Commerce chapter by boosting bilateral cooperation in trade facilitation, digital identities, fintech and e-payments, among others. -
Korea–Singapore Free Trade Agreement (KSFTA)
The bilateral KSFTA signed between Singapore and South Korea enhances Singapore-based companies' access to the vast Korean market and further boosts bilateral trade and investment.
Free Trade Agreements are treaties which make trade and investment between two or more economies easier. In addition to tariff elimination, the KSFTA provides a more open and predictable business environment across a range of areas in both countries.
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Mutual Recognition Agreement (MRA)
MRAs reduce barries to trade by easing customs clearance for exports between both countries.
Under the MRA, South Korea's Customs Service will recognise goods exported by Singapore’s certified companies under the Secure Trade Partnership programme as being of lower risk. Likewise, Singapore Customs will recognise goods exported by South Korea's Authorised Economic Operator companies as being of lower risk. -
Regional Comprehensive Economic Partnership (RCEP)
The RCEP Agreement builds on existing bilateral agreements that ASEAN has with its free trade partners.
It is the world’s largest FTA, comprising about 30% of global GDP and about a third of the world’s population.
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Singapore–Korea Double Tax Avoidance Agreement (DTA)
DTAs provide relief from double taxation in the situation where income is subject to tax for both countries.
The provisions of the DTA apply to persons who are residents of one or both of the Contracting States. Please refer to IRAS for more information.
