Trade and Industry Minister Chan Chun Sing (Photo: VNA)
Singapore (VNA) – Singapore became the first ASEAN member state toratify the ASEAN Trade in Services Agreement (ATISA).
This comes after Singapore completed its domestic procedures to ratify theagreement signed by Trade and Industry Minister Chan Chun Sing on the sidelinesof the 25th ASEAN Economic Ministers' Retreat in 2019.
Singaporehas also notified the ASEAN secretary-general of the ratification, the Ministryof Trade and Industry said.
According to Chan, theagreement will help strengthen services-related trading arrangements among theASEAN member states, enabling ASEAN businesses to enjoy increased market accessand reduced discriminatory regulatory barriers.
ATISA is built upon the existing ASEAN Framework Agreement onServices and is enhanced by a further reduction of "beyond-the-border"barriers.
ATISA finished the negotiation and the Agreement document was signed on April23, 2019 by the economic ministers of seven ASEAN member countries within the25th ASEAN Economic Ministers Meeting (AEM Retreat).
ATISA is considered a new step in theintegration process of ASEAN services. Upon coming into force, the pact willreplace the ASEAN Framework Agreement on Services that took effect since 1995.Besides, it is expected to improve confidence of service providers in theregion, creating basis for trade and service development within the bloc./.
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Trade and Industry Minister Chan Chun Sing (Photo: VNA)
