Singapore and EU conclude FTA negotiations
The European Union and Singapore have successfully concluded talks on the Investment Protection Chapter of the EU-Singapore Free Trade Agreement (EUSFTA).
December 15, 2014
The European Union and Singapore have successfully concluded talks on the Investment Protection Chapter of the EU-Singapore Free Trade Agreement (EUSFTA). Once the parties have signed and ratified the agreement, EU exporters will be able to ship any goods to Singapore without paying import duties. The two sides have also granted bilateral access to many service markets.
“The conclusion of this chapter marks a very important step in our partnership with Singapore, strengthening our investment relations”, said EU Trade Commissioner Karel De Gucht. “Now, we have a comprehensive agreement which is a gateway to this important region in Asia. It will help boost economic growth, investment and job creation in the EU.
It will help opening the door for Europe to the ASEAN market with 600 million consumers.”
The EUSFTA is a comprehensive agreement with extensive commitments by both parties to provide greater access to each other’s markets, including through the liberalisation of services, investment and procurement markets, and the removal of tariff or nontariff (i.e. regulatory or technical) barriers to trade. Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU’s tariffs, while EU exporters will be granted immediate duty-free access to the Singaporean market for all products.