This comes after Singapore completed its domestic procedures to ratify the agreement signed by Trade and Industry Minister Chan Chun Sing on the sidelines of the 25th ASEAN Economic Ministers’ Retreat in 2019.
Singapore has also notified the ASEAN secretary-general of the ratification, the Ministry of Trade and Industry said.
According to Chan, the agreement will help strengthen services-related trading arrangements among the ASEAN member states, enabling ASEAN businesses to enjoy increased market access and reduced discriminatory regulatory barriers.
ATISA is built upon the existing ASEAN Framework Agreement on Services and is enhanced by a further reduction of “beyond-the-border” barriers.
ATISA finished the negotiation and the Agreement document was signed on April 23, 2019 by the economic ministers of seven ASEAN member countries within the 25th ASEAN Economic Ministers Meeting (AEM Retreat).
ATISA is considered a new step in the integration process of ASEAN services. Upon coming into force, the pact will replace the ASEAN Framework Agreement on Services that took effect since 1995. Besides, it is expected to improve confidence of service providers in the region, creating basis for trade and service development within the bloc.