Singapore, Taiwan sign free trade agreement

Singapore and Taiwan signed a key free trade agreement here Friday. The Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, on Economic Partnership (ASTEP) covers areas such as trade in goods, trade in services, investment, dispute settlement, e-commerce, government procurement and customs procedures. The agreement will eliminate tariffs for 97% of Singapore's exports to Taiwan when it enters into force, and eventually allow all exports to enter tariff-free. Meanwhile, the tariffs will be eliminated on all goods originating from Taiwan and exported to Singapore once the agreement is in place.