Malaysia and Singapore have a long-standing relationship, and the two countries have been collaborating on a range of issues, including trade. In recent years, the countries have taken major steps towards strengthening their economic partnership, with the signing of the Comprehensive Economic Cooperation Agreement (CECA).
The CECA, which came into effect in 2013, facilitates the movement of goods, services, and investments between the two countries. It aims to deepen the economic ties between Malaysia and Singapore and promote bilateral trade and investment. The agreement covers several areas, including trade in goods, services, and investment, as well as intellectual property rights, e-commerce, and competition policy.
Under the agreement, Malaysia and Singapore have agreed to eliminate tariffs on a majority of their goods traded between them. This has facilitated the export of Malaysian goods to Singapore and vice versa, further boosting the trade between the two countries. The agreement also covers services, with both countries committing to open up their services sectors to each other`s businesses. This has provided Malaysia and Singaporean businesses with new opportunities for cross-border trade, investment, and collaboration.
Additionally, the CECA has helped to strengthen the intellectual property rights regime between Malaysia and Singapore. This has provided greater certainty and protection for investors and businesses operating in both countries, making it easier for them to operate across borders. The agreement also includes provisions for e-commerce, which have enabled businesses to leverage the internet and digital technologies to reach new customers and markets.
The CECA has also helped to promote competition and improve the business environment between Malaysia and Singapore. Provisions in the agreement ensure that businesses are treated fairly, and that competition is not restricted. This has led to increased innovation and competitiveness in both countries, benefitting consumers and businesses alike.
Overall, the CECA has been instrumental in deepening the economic ties between Malaysia and Singapore. It has facilitated the movement of goods, services, and investments between the two countries, while also strengthening the intellectual property rights regime, promoting e-commerce, and improving the business environment. As Malaysia and Singapore continue to collaborate and deepen their economic partnership, the CECA will play an important role in driving their shared prosperity.