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Relations between Singapore and Africa sealed with new agreements

Staff Writer |
Trade relations between Singapore and Africa are set to deepen, with several agreements signed at the fourth edition of the Africa Singapore Business Forum.

These include the signing of the Avoidance of Double Taxation (DTA) with Ethiopia, a bilateral investment treaty (BIT) with Mozambique and an Air Services Agreement (ASA) with Nigeria.

According to a joint press statement from the Ministry of Trade and Industry, Ministry of Transport and Ministry of Finance, Ethiopia-Singapore DTA clarifies the taxing rights between both countries. This covers all forms of income flows from cross-border business activities and minimises double taxation of such income, they said.

Meanwhile, the Mozambique-Singapore BIT is a legally binding agreement on how the Mozambique government should treat investments from Singapore, and vice versa. With this agreement, Singapore companies operating in Mozambique will enjoy protection on top of what is already accorded under the country's domestic laws.

The Nigeria-Singapore ASA provides a framework to enable the establishment of air linkages between both countries, as airlines from both countries can operate an agreed number of passenger and cargo flights between Nigeria and Singapore, and beyond both countries.

They were signed by Trade and Industry (Industry) Minister S Iswaran and respective representatives from the countries - Ethiopia's Minister of Foreign Affairs, Tedros Adhanom, Mozambique's Minister of Trade and Industry Ernesto Max Elias Tonela and Nigeria's Minister of State for Aviation Senator Hadi Sirika.

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