Singapore’s Bilateral Agreements with Indonesia
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ASEAN – Australia – New Zealand Free Trade Area (AANZFTA)
The AANZFTA eliminates tariffs for 90% of the goods traded between ASEAN, Australia and New Zealand and covers 100% of Singapore’s trade volume with Australia and New Zealand.
It is also ASEAN’s most comprehensive ASEAN-Plus FTA to date, encompassing areas such as intellectual property, competition, and electronic commerce.
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ASEAN – China Free Trade Area (ACFTA)
The ACFTA eliminates tariffs for 94.6% of exports to China that originate from Singapore, safeguards market access and ensures a more predictable operating environment for service suppliers.
It expands market access and improves foreign equity threshold in six of China’s services sectors. The agreement also provides investors and investments with protection by establishing a more transparent, facilitative and secure environment for investors.
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ASEAN Free Trade Area (AFTA)
The AFTA covers trade in goods, investment, and services.Indonesia is a member of the Association of Southeast Asian Nations (ASEAN). The AFTA is part of the Asian Economic Community agreement among the 10 ASEAN countries, including Singapore, and includes the ASEAN Trade in Goods Agreement, which eliminates tariffs for almost all goods and services.
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ASEAN – Hong Kong, China Free Trade Area (AHKFTA)
The AHKFTA reduces technical barriers to trade between ASEAN and Hong Kong.
It increases market access in the architectural, engineering, education and environmental services industries.
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ASEAN – India Free Trade Area (AIFTA)
The AIFTA eliminates tariffs for 75% of goods traded between ASEAN and India.
As a member state of ASEAN, Singapore is part of the ASEAN Free Trade Area. For a further 10% of product lines, the AIFTA commits parties to reduce tariffs below 5%.
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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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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–Indonesia Bilateral Investment Treaty (BIT)
BITs aim to promote greater investment flows between two countries by protecting the interests of their investors.The Singapore-Indonesia BIT came into force on 9 March 2021. The BIT aims to promote greater investment flows between Singapore and Indonesia by protecting the interests of Singapore and Indonesia investors. Singapore investors will be granted protection such as non-discriminatory treatment compared with other foreign investments, protection from illegal seizure of property, and the freedom to transfer capital and returns in and out of the country.s -
Singapore–Indonesia 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.
