Following a recent meeting with Singapore, the European Commission has presented the outcome of the negotiations to the European Council; marking the first steps to completing the European Union-Singapore Free Trade Agreement (EUSFTA).
The agreement will then go on to be ratified by the European Parliament, after its anticipated approval by the Council of Ministers.
Both economies are hoping that the EUSFTA comes into full effect before the EC’s mandate ends in 2019, said the delegation committee to Singapore in a statement this week. Official negotiations for the EUSFTA began in 2009 and concluded in 2014.
European Union Ambassador to Singapore stated that as this is the first deal of its kind between a South-east Asian economy and the EU, so the EUSFTA will act as a beacon towards a better business relationship between the regions.
The deal will be significant for over 10,000 EU companies that have a presence in Singapore, with the city-state also being the top South-east Asian destination for EU and other foreign investment.
Other EUSFTA Benefits Include:
The agreement will liberalise trade tariffs.
The reduction of non-tariff trade barriers.
The promotion of investment & services both in Singapore & Europe.
Allow for improved access to government procurement opportunities.