Singapore, EU reach trade agreement

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Singapore tradeThe European Union and Singapore submitted for approval on September 20 one of the world’s most comprehensive free trade agreements, which the EU sees as “a stepping stone” towards a wider deal with southeast Asia.

Subject to approval in Singapore and by the 28 EU member states and the European Parliament, the agreement should enter into force in late 2014 or early 2015. The European Union sees a free trade deal as opening the door to a deal with other members of the 10-nation ASEAN bloc, which has set a goal of economic integration by 2015.

Trade in goods between the two topped 52 billion euros in 2012 and in services 28 billion euros in 2011. Mutual investment has reached 190 billion euros.

The EU and ASEAN launched free trade talks in 2007, but abandoned them two years later, the EU choosing instead to conduct bilateral talks with individual members. The European Commission is already negotiating free trade accords with Malaysia and Vietnam and launched talks in March with Thailand.

The deal goes beyond many other free trade accords in committing to open up public procurement, an area where the EU has many leading suppliers, and agreeing on technical standards in areas such motor vehicles, electronics and green technologies.

EU tariffs on virtually all items from Singapore will disappear over five years. Singapore has committed to its existing zero tariffs on EU imports. Singapore is likely to benefit from reduced tariffs for pharmaceutical and petrochemical products.

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Reading Time: 1 minute

The European Union and Singapore submitted for approval on September 20 one of the world’s most comprehensive free trade agreements, which the EU sees as “a stepping stone” towards a wider deal with southeast Asia.

Reading Time: 1 minute

Singapore tradeThe European Union and Singapore submitted for approval on September 20 one of the world’s most comprehensive free trade agreements, which the EU sees as “a stepping stone” towards a wider deal with southeast Asia.

Subject to approval in Singapore and by the 28 EU member states and the European Parliament, the agreement should enter into force in late 2014 or early 2015. The European Union sees a free trade deal as opening the door to a deal with other members of the 10-nation ASEAN bloc, which has set a goal of economic integration by 2015.

Trade in goods between the two topped 52 billion euros in 2012 and in services 28 billion euros in 2011. Mutual investment has reached 190 billion euros.

The EU and ASEAN launched free trade talks in 2007, but abandoned them two years later, the EU choosing instead to conduct bilateral talks with individual members. The European Commission is already negotiating free trade accords with Malaysia and Vietnam and launched talks in March with Thailand.

The deal goes beyond many other free trade accords in committing to open up public procurement, an area where the EU has many leading suppliers, and agreeing on technical standards in areas such motor vehicles, electronics and green technologies.

EU tariffs on virtually all items from Singapore will disappear over five years. Singapore has committed to its existing zero tariffs on EU imports. Singapore is likely to benefit from reduced tariffs for pharmaceutical and petrochemical products.

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