Prior to the current DBA, tax cooperation between Singapore and Thailand was governed by the Double Taxation Agreement. The Convention was concluded in 1975 and has served for more than 35 years as an effective fiscal mechanism to avoid double taxation. The current DBA amends the rules on cross-border tax rates and continues to encourage foreign investment. A full overview of the main changes that have come into force under the current version of the agreement can be found in the table below. Companies certified AEOs for their robust security practices under either of the two programs are recognized by both Customs administrations. Under this agreement, recognised companies benefit from the reduction of customs document and freight checks. Singapore and Thailand are part of the ASEAN Free Trade Area.