New Zealand and Singapore launched the Enhanced Partnership
In May 2019, New Zealand and Singapore launched the Enhanced Partnership that will significantly boost collaboration between the two countries in the areas of trade and economic; security and defence; science and innovation; and people-to-people.
On 17 May 2019, New Zealand and Singapore signed an amending protocol to update the Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP), which was first signed on 14 November 2000 and in force from 1 January 2001. Negotiations for the upgraded ANZSCEP were concluded in August 2018 and signed by the Ministers in May 2019.
Singapore is now New Zealand’s largest trading partner in the Asia-Pacific region, with NZ$5.2 billion of two-way trade and $5.1 billion of two-way direct investment in the year ending December 2018.
Some of the changes that are due to take effect following the update include:
- Duty free goods made in New Zealand or Singapore can be traded between the two countries duty-free, if the product meets the Rules of Origin requirements
- Better access to Singapore's service sectors such as architecture, engineering, telecommunications, finance, education and environmental services
- Easier for New Zealanders to buy services from Singapore, which include engineering, computing, transport, dental, environment and some business services
- Easier entry into Singapore for business visitors and temporary residency for corporate employees
- Government procurement is included in the agreement ensuring New Zealand businesses can compete with Singapore businesses for government contracts on a level playing field
- Reduced business costs and red tape in customs processing, competition law and technical and quarantine standards
- A clear process to settle disputes related to the Closer Economic Partnership (CEP)
Source: CEP Overview