The European Parliament recently approved the trade and investment agreements and the Partnership and Cooperation Agreement between the European Union (EU) and Singapore. This marks an important step towards their entry into force, boosting the EU ties with Singapore and leading to an increased presence in the fast-growing Southeast Asian region.
This is the EU’s first bilateral trade agreement with a Southeast Asian country that will create new opportunities for European producers, workers, farmers and consumers, an EU press release quoted President of the European Commission Jean-Claude Juncker as saying.The European Parliament recently approved the trade and investment agreements and the Partnership and Cooperation Agreement between the European Union (EU) and Singapore. This marks an important step towards their entry into force, boosting the EU ties with Singapore and leading to an increased presence in the fast-growing Southeast Asian region.#
EU commissioner for trade Cecilia Malmström said the agreements will benefit small as well as big companies on both sides and include a strong commitment to human and labour rights and to protecting the environment.
Under the trade agreement, Singapore will remove all remaining tariffs on EU products and will commit to keep unchanged the current duty-free access for all other EU products. It also provides new opportunities for EU services' providers, among others in sectors such as telecommunications, environmental services, engineering, computing and maritime transport.
Singapore also agreed to remove obstacles to trade besides tariffs in key sectors, for instance by recognising the EU's safety tests for cars and many electronic appliances or accepting labels that EU companies use for textiles.
The investment protection agreement will ensure a high level of investment protection, while safeguarding both sides’ rights to regulate and pursue public policy objectives like the protection of public health, safety and the environment.
The agreement will replace 12 bilateral investment treaties existing between EU members and Singapore putting in place a modern common investment protection framework with a well-balanced Investment court system for resolving investment disputes.
Singapore is by far the EU's largest trading partner in the Southeast Asian region, with a total bilateral trade in goods of over €53 billion and €51 billion-worth of trade in services. Over 10,000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific region.
Singapore is also the number one location for European investment in Asia, with investment between the two growing rapidly in recent years: combined bilateral investment stocks reached €344 billion in 2017. (DS)
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