Singapore’s international network of agreements includes International Investment Agreements (“IIA”), Free Trade Agreements (“FTA”), Economic Partnership Agreements (“EPA”) and International Tax Agreements.
An IIA (also commonly called “bilateral investment treaty” (“BIT”) when used in a bilateral context, or “investment guarantee agreement” (“IGA”)) promotes greater investment flows and provides better investment protection for companies of the signatories. An IIA contains obligations on the host State, including the principle of fair and equitable treatment, the principle of non-discrimination, compensation in the event of expropriation, free transfer of funds, and provisions setting out mechanisms for the settlement of investor-state disputes.
FTAs and EPAs are treaties which facilitate trade and investments between 2 or more economies. Singapore’s network of more than 22 implemented agreements makes international business simpler and strengthens the cost competitiveness for Singapore-based exporters. FTAs and EPAs are treaties which facilitate trade and investments between 2 or more economies. Singapore’s network of more than 22 implemented FTAs/EPAsagreements makes international business simpler and strengthens the cost competitiveness for Singapore-based exporters.
Certain FTAs/EPAs feature Investment Chapters. However, these Investment Chapters generally go beyond the scope of BITs or IGAs in that they include other elements such as investment liberalization, promotion and facilitation.
The table below sets out Singapore’s IIAs which are already in force:
| No. | Country/ Religion | Date of Entry into Force | Remarks |
|---|---|---|---|
| 1 | ASEAN | 29 Mar 2012 | ASEAN IGA and the AIA agreement were terminated when ACIA* entered into force on 29 Mar 2012. There are also Investment Chapters/ agreements covering the ASEAN Member States in the following FTAs: AANZFTA, ACFTA and AKFTA*. They also contain provisions on investment promotion. |
| 2 | Bahrain* | 8 Dec 2004 | |
| 3 | Bangladesh* | 19 Nov 2004 | |
| 4 | Belarus* | 13 Jan 2001 | |
| 5 | Belgium & Luxembourg* | 27 Nov 1980 | |
| 6 | Bulgaria* | 10 Feb 2006 | |
| 7 | Cambodia* | 24 Feb 2000 | Cambodia is also a Party to ACIA*, AANZFTA, ACFTA and AKFTA*. |
| 8 | Canada* | 30 Jul 1971 | |
| 9 | China* | 7 Feb 1986 | There is an Investment agreement in ACFTA; and also an Investment Chapter in the CSFTA. |
| 10 | Czech Republic* | 7 Oct 1995 | |
| 11 | DPRK (Democratic People’s Republic of Korea)* | 18 Mar 2009 | |
| 12 | Egypt* | 20 Mar 2002 | |
| 13 | France* | 18 Oct 1976 | |
| 14 | Germany* | 1 Oct 1975 | |
| 15 | Hungary* | 1 Jan 1999 | |
| 16 | Jordan | 22 Aug 2005 | |
| 17 | Kuwait* | 15 Apr 2013 | |
| 18 | Laos* | 26 Mar 1998 | Laos is also a Party to ACIA*, AANZFTA, ACFTA and AKFTA*. |
| 19 | Latvia* | 18 Mar 1999 | |
| 20 | Libya | 22 Dec 2011 | |
| 21 | Mauritius* | 19 Apr 2000 | |
| 22 | Mexico | 3 Apr 2011 | |
| 23 | Mongolia* | 7 Jan 1996 | |
| 24 | Netherlands* | 7 Sep 1973 | |
| 25 | Oman* | 12 Oct 2008 | |
| 26 | Pakistan* | 4 May 1995 | |
| 27 | Poland* | 29 Dec 1993 | |
| 28 | Russia | 16 Jun 2012 | |
| 29 | Saudi Arabia* | 5 Oct 2007 | |
| 30 | Slovak Republic* | 6 Jun 2007 | |
| 31 | Slovenia* | 8 Sep 2000 | |
| 32 | Sri Lanka* | 30 Sep 1980 | |
| 33 | Switzerland* | 3 May 1978 | Switzerland is also a Party to the ESFTA, which includes an Investment Chapter. |
| 34 | Turkey | 27 Mar 2010 | The BIT with Turkey has been superseded by the TRSFTA, which recently entered into force on 1 October 2017. The BIT will continue to apply to matters that arose regarding investments made pursuant to the BIT while the BIT was in force, until 1 October 2020. |
| 35 | Ukraine* | 14 Jul 2007 | |
| 36 | United Kingdom* | 22 Jul 1975 | |
| 37 | United States | 25 Mar 1966 | |
| 38 | Uzbekistan* | 23 Nov 2003 | |
| 39 | United Arab Emirates | 8 Apr 2012 | |
| 40 | Vietnam* | 25 Dec 1992 | Vietnam is also a Party to ACIA*, AANZFTA, ACFTA and AKFTA*. |
| Indonesia* | 21 Jun 2006 | The BIT has expired on 20 June 2016 but will continue to be effective until 20 June 2026 for investments made prior to the date of termination Indonesia is also a Party to ACIA*, AANZFTA, ACFTA and AKFTA*. |
*These agreements require an investment to be approved in writing in order for the investment to be protected under the terms of the treaty.
Singapore has over 22 implemented agreements in force. These include bilateral as well as regional FTAs/EPAs.
(a) China-Singapore Free Trade Agreement (CSFTA)*
a. Investment chapter incorporates that of ACFTA
(b) India-Singapore Comprehensive Economic Cooperation Agreement (CECA)*
(c) Japan-Singapore Economic Partnership Agreement (JSEPA)*
(d) Korea-Singapore Free Trade Agreement (KSFTA)*
(e) New Zealand-Singapore Comprehensive Economic Partnership (ANZSCEP)*
(f) Panama-Singapore Free Trade Agreement (PSFTA)*
(g) Peru-Singapore Free Trade Agreement (PeSFTA)*
(h) Singapore-Australia Free Trade Agreement (SAFTA)*
(i) Singapore-Costa Rica Free Trade Agreement (SCRFTA)*
(j) Singapore-Jordan Free Trade Agreement (SJFTA)
(k) Sri Lanka-Singapore Free Trade Agreement (SLSFTA)
(l) Turkey-Singapore Free Trade Agreement (TRSFTA)
(m) United States- Singapore Free Trade Agreement (USSFTA)*
(a) ASEAN-Australia-New Zealand Free Trade Area (AANZFTA)*
(b) ASEAN-China Free Trade Area (ACFTA)*
(c) ASEAN-India Free Trade Area (AIFTA)*
(d) ASEAN-Japan Comprehensive Economic Partnership (AJCEP)
(e) ASEAN-Korea Free Trade Area (AKFTA)*
(f) ASEAN Free Trade Area (AFTA)
(g) EFTA-Singapore Free Trade Agreement (ESFTA)*
a. Countries from EFTA are Iceland, Lichtenstein, Norway and Switzerland
(h) GCC-Singapore Free Trade Agreement (GSFTA)
a. Countries from GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
(i) Trans-Pacific Strategic Economic Partnership (TPSEP)
a. States parties: Brunei, Chile, New Zealand, Singapore
*These FTAs include Investment Chapters
Singapore has concluded the following international tax agreements:
(a) Avoidance of Double Taxation Agreements (“DTAs”)
(b) Limited Treaties
(c) Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”)
(d) Exchange of Information Arrangements (“EOI Arrangements”)
(e) Convention on Mutual Administrative Assistance in Tax Matters
(f) International Tax Compliance Agreements, which include:
(i) A Foreign Account Tax Compliance Act (“FATCA”) Model 1 Intergovernmental Agreement (“IGA”) with the US
(ii) Bilateral Competent Authority Agreements on the Automatic Exchange of Financial Account Information under the Common Reporting Standard (“bCAAs for CRS”)
(iii) Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information under the Common Reporting Standard (“MCAA CRS”)
(iv) Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (“MCAA CbCR”)
Please refer to the Inland Revenue Authority of Singapore (IRAS) website for more details on the international tax agreements entered into by Singapore: https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/
Sources:
www.enterprisesg.gov.sg/FTA