Free Trade Agreement Between The European Union And The Republic Of Singapore
The pioneering trade agreement between the European Union and Singapore, which aims to eliminate almost all tariffs between the two countries, comes into force today. «As an ambitious agreement with forward-looking arrangements, it marks a new chapter in EU-Singapore relations and will provide Singapore and the EU with a solid basis for taking our economic partnership to the next stage,» he added. Experience in the EU-Singapore free trade agreement will also help guide further negotiations for a trade pact between the EU and Asean, he added. The EU is also Singapore`s largest trading partner for services. Bilateral trade in services totaled more than $79 billion in 2017. Almost 84% of Singapore`s exports, including food, electronics and medicines, will be allowed to enter the European Union duty-free. Discover the current trade relationship between the EU and Singapore «in the years 2008-2009 of the global financial crisis and entering into force in today`s uncertain global economy, the FREE trade agreement BETWEEN the EU and Singapore indicates the common conviction of the EU and Singapore that open, rules-based trade is the path to growth and prosperity» , he wrote in a Facebook post yesterday. On 19 October 2018, three agreements were signed between the parties, the EU-Singapore trade agreement, the EU-Singapore Investment Protection Agreement and the Framework Partnership and Cooperation Agreement.   The agreement was approved by the European Parliament on 13 February 2019.
 On November 8, 2019, it was announced that the agreement will enter into force on November 21, 2019. This comes after the Council of the European Union approved the agreement.  The agreement is supposed to be the first free trade agreement with a member of the Association of Southeast Asian Nations and the third with an Asian country after South Korea and Japan from the EU`s point of view. Singapore is the EU`s 14th largest trading partner. Cecilia Malmstrom, European Commissioner for Trade, said: «This agreement will strengthen our bilateral relations, strengthen the EU`s commitment to Asean and show strong support for the rules-based international order.» Singapore is also the EU`s first investment target in Asean and the second largest in Asia. Singapore`s direct investment in the EU amounted to about $122 billion in 2017, making it the EU`s seventh largest foreign investor and largest investor in Asean.