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AGCC states to sign FTA with Singapore

MUSCAT — The AGCC countries and Singapore will sign a free trade agreement (FTA) in Doha in the next few days.

It will be the first FTA concluded by the AGCC outside the Middle East and the second the City-State signs with Middle Eastern economies, the Gulf Times reported yesterday.

The FTA would be signed during the next week’s visit to Doha by Singapore’s Prime Minister Lee Hsein Loong.

Singapore’s deputy head of mission in Doha, Ken Siah said the AGCC-Singapore Free Trade Agreement (GSFTA) would be a “milestone agreement” in strengthening ties between the AGCC countries and Singapore, particularly because it is the first Free Trade Agreement (FTA) signed by the AGCC.

Negotiations on the FTA began in early 2007 and bilateral talks on the FTA are going through the procedural and legal issues. The accord is expected to help boost trade between Singapore and the Gulf countries significantly.