Agreement between New Zealand and Singapore on a Closer Economic Partnership

Preamble

New Zealand and Singapore (“the Parties”),

Conscious of their longstanding friendship and growing trade and investment relationship;

Conscious that open, transparent and competitive markets are the key drivers of economic efficiency, innovation, wealth creation and consumer welfare;

Recognising the importance of ongoing liberalisation of trade in goods and services at the multilateral level;

Aware of the growing importance of trade and investment for the economies of the Asia-Pacific region;

Confirming their rights, obligations and undertakings under the Marrakesh Agreement Establishing the World Trade Organisation, and other multilateral, regional and bilateral agreements and arrangements;

Confirming their commitment to achieving the Asia-Pacific Economic Cooperation (APEC) goals of free and open trade and investment;

Recognising their commitment to securing trade liberalisation and an outward- looking approach to trade and investment;

Confirming their shared commitment to trade facilitation through removing or reducing technical, sanitary and phytosanitary barriers to the movement of goods between New Zealand and Singapore;

Desiring to encourage greater international alignment of standards and regulations;

Mindful that liberalised trade in goods and services will assist the expansion of trade and investment flows, raise the standard of living, and create new employment opportunities in their respective territories;

Recognising their right to regulate, and to introduce new regulations on the supply of services and on investment in order to meet national policy objectives;

Conscious that a clearly established and secure framework of rules for trade in goods and services and for investment will provide confidence to their businesses to take investment and planning decisions, lead to a more effective use of resources, and increase capacity to contribute to economic development and prosperity through international exchanges and the promotion of closer links with other economies, especially in the APEC region;

Recognising the need for good corporate governance and a predictable, transparent and consistent business environment, so that businesses can conduct transactions freely, use resources efficiently and effectively and obtain rewards for innovation:

Have agreed as follows:

Part 1: Objectives and General Definitions

• Article 1 Objectives
• Article 2 General Definitions

Article 1 Objectives

The objectives of New Zealand and Singapore in concluding this Agreement are:

1. to strengthen their bilateral relationship through the establishment of a closer economic partnership;
2. to liberalise bilateral trade in goods and services and to establish a framework conducive to bilateral investments;
3. to support the wider liberalisation process in APEC and in particular the efforts of all APEC economies to meet the Bogor goals of free and open trade and investment by 2010 at the latest for industrialised economies and 2020 at the latest for developing economies;
4. to support the World Trade Organisation (WTO) in its efforts to create a predictable, freer and more open global trading environment;
5. to improve the efficiency and competitiveness of their goods and services sectors and expand trade and investment between each other;
6. to establish a framework of transparent rules to govern trade and investment between them; and
7. to accord fair and equitable treatment and protection to bilateral investments.

Article 2 General Definitions

For the purposes of this Agreement:

1. “days” means calendar days, including weekends and holidays;
2. “goods” and “products” shall be understood to have the same meaning, unless the context otherwise requires

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