International Trade

Singapore’s most important trading partners are Malaysia, the USA, China and the European Union. While the city state is Germany’s biggest trade partner in South East Asia, Germany is also Singapore’s largest partner in Europe.

In global trade, Singapore is outstanding with its attractive tariffs and customs. Around 95% of all imports are customs-free, only 7% Goods and Services Tax (GST) apply. Exemptions are cars, alcohol, fuel, weapons and cigarettes.

Singapore also pursues multilateral policies and is a member of the WTO and the Association of South East Asian Nations, ASEAN (including Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Thailand, and Viet Nam). Until 2020 ASEAN shall become a free trade zone with Singapore as a main driver for this policy.

Further bilateral Free Trade Agreements (FTAs) are in place with New Zealand, Japan, Australia, Korea, USA and the European Free Trade Area (EFTA). Lately Singapore signed FTAs with China and the Gulf Cooperation Council; negotiations between the EU and Singapore are being held.