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Preferential tariff system
Trade agreements between countries
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The preferential tariff system is a trade agreement between countries, which mainly deals with the treatment of goods from the agreement's partner or beneficiary countries. It can enhance the competitiveness of exports by enabling buyers to claim preferential tariff treatment at the port of import. Products that have to prove their origin in the countries covered by the GSP or require a CertificateofOrigin (CertificateofOrigin for IGIN) from Singapore Customs to prove the "nationality" of the product are eligible for the benefit.
- Chinese name
- Preferential tariff system
- alias
- Trade agreements between countries
The preferential tariff system is a trade agreement between countries, which mainly deals with the treatment of goods from the agreement's partner or beneficiary countries. It can enhance the competitiveness of exports by enabling buyers to claim preferential tariff treatment at the port of import. Products that have to prove their origin in the countries covered by the GSP or require a CertificateofOrigin (CertificateofOrigin for IGIN) from Singapore Customs to prove the "nationality" of the product are eligible for the benefit.
Forty-four countries, including Singapore, have joined the system, which obliges member states to grant preferential tariff treatment to eligible products from another member state.
Common Effective Preferential Tariff Agreement (CEPT)
The agreement helps trade among ASEAN members. It will reduce tariffs on products within the region, limiting them to zero to five percent.
General System of Preferences (GSP)
If the product is exported from a developing country to a developed country, you can get preferential tariff treatment. Donors have also extended preferences to Belarus, Canada and the CIS/Russian Federation. Under the GSP, Singapore is classified as a developed country.
CommonwealthPreference (CP)
Traders exporting goods from Singapore to Mauritius and Seychelles can receive preferential tariff treatment if the products meet the conditions.
