EU, Singapore ink free trade and investment pact

EU, Singapore ink free trade and investment pactJust shortly after a similar deal with Vietnam was settled, the European Union (EU) and Singapore signed free-trade and investment protection agreements in Brussels on October 19 in a bid to improve bilateral business ties amid rising global trade conflicts.

The EU and Singapore will remove tariffs, reduce technical barriers, and provide better opportunities in services and government procurement under the deals, the Singapore government said in a statement.

The city-state will drop tariffs on all products coming from the EU. In turn, The EU will remove tariffs on 84 per cent of Singapore’ products, and the remaining 16 per cent over three to five years. The investment protection agreement will replace the existing bilateral treaties and set up a new dispute resolution mechanism for investors, Bloomberg News noted.

The trade pacts “give Singapore companies greater market access to the EU and boost confidence for investors and entrepreneurs,” Singapore’s Prime Minister Lee Hsien Loong commented on the deal. The agreement, which has been under negotiation since 2010, will get ratified by next year, he added.

The EU was Singapore’s third-largest trading partner in 2017, with bilateral trade in goods exceeding $71 billion, while the city-state is the bloc’s top trading partner in Southeast Asia.

“Both agreements serve as building blocks toward an eventual EU-ASEAN Free Trade Agreement, paving the way for future region-to-region cooperation,” said S. Iswaran, Singapore’s minister for communications and information.



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Just shortly after a similar deal with Vietnam was settled, the European Union (EU) and Singapore signed free-trade and investment protection agreements in Brussels on October 19 in a bid to improve bilateral business ties amid rising global trade conflicts. The EU and Singapore will remove tariffs, reduce technical barriers, and provide better opportunities in services and government procurement under the deals, the Singapore government said in a statement. The city-state will drop tariffs on all products coming from the EU. In turn, The EU will remove tariffs on 84 per cent of Singapore’ products, and the remaining 16 per...

EU, Singapore ink free trade and investment pactJust shortly after a similar deal with Vietnam was settled, the European Union (EU) and Singapore signed free-trade and investment protection agreements in Brussels on October 19 in a bid to improve bilateral business ties amid rising global trade conflicts.

The EU and Singapore will remove tariffs, reduce technical barriers, and provide better opportunities in services and government procurement under the deals, the Singapore government said in a statement.

The city-state will drop tariffs on all products coming from the EU. In turn, The EU will remove tariffs on 84 per cent of Singapore’ products, and the remaining 16 per cent over three to five years. The investment protection agreement will replace the existing bilateral treaties and set up a new dispute resolution mechanism for investors, Bloomberg News noted.

The trade pacts “give Singapore companies greater market access to the EU and boost confidence for investors and entrepreneurs,” Singapore’s Prime Minister Lee Hsien Loong commented on the deal. The agreement, which has been under negotiation since 2010, will get ratified by next year, he added.

The EU was Singapore’s third-largest trading partner in 2017, with bilateral trade in goods exceeding $71 billion, while the city-state is the bloc’s top trading partner in Southeast Asia.

“Both agreements serve as building blocks toward an eventual EU-ASEAN Free Trade Agreement, paving the way for future region-to-region cooperation,” said S. Iswaran, Singapore’s minister for communications and information.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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