Free Trade Agreements and Schemes of Preferences reduce or eliminate trade barriers, such as tariffs (taxes) and onerous regulations.

Free Trade Agreements (FTAs)
Schemes of Preferences

• FTAs are legally binding contracts between two or more countries to bring about closer economic integration.
  
  
• One of the aims of FTAs is to reduce trade barriers which typically takes the form of tariff concessions.
  
  
• Tariff concessions reduce or eliminate import duties on products traded between Singapore and FTA countries.
  
  
• To benefit from FTAs, the goods that you are trading in must fall under the terms of the FTA. Such terms include goods to be offered, tariff concessions etc.

See:	Import/Export – Free Trade Agreements

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Schemes of Preferences

• Schemes of Preferences are agreements signed by a group of countries where all donor/participating countries enjoy “preferential trade tariffs” – i.e. lower import duties on products traded among participating countries.
  
  
• To benefit from Schemes of Preferences, the goods you are trading in must be “eligible” for preferential trade tariffs.

See:	Import/Export – Schemes of Preferences

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