[FTA HONG] Summary of the Korea-Singapore FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The Korea-Singapore FTA is the second Free Trade Agreement Korea has signed after Chile. Most goods imported into Singapore are duty-free, with tariffs imposed only on intoxicating liquors, tobacco products, motor vehicles, and petroleum products. Nevertheless, the Korea-Singapore FTA is significant in that it signaled the start of a full-scale FTA with a major neighboring trading partner in Asia, strengthening the foundation for Korea's expansion into Southeast Asia as a strategic link to international business hubs. In particular, Korea signed the first Digital Partnership Agreement (DPA) with Singapore, which came into effect on January 14, 2023. The DPA paves the way for the two countries to improve e-commerce and digital business conditions and cooperate in the field of new technologies. The Korea-Singapore FTA appears to have been almost completely replaced by the ASEAN-Korea FTA. Data on FTA utilization from Korea Customs Services (KCS) and the Korea Institute of...