EU-Singapore Trade Agreement (EUSFTA) comes into force
November saw the trade agreement between Singapore and EU come into force presenting enormous trade potentials, with bilateral trade of goods and services recently recorded at €104 billion.
Singapore is by far the largest trading partner in the Southeast Asian region with over 10.000 European firms using the country as hub to serve the Pacific region. This is the 16th
trade agreement the European Union has put in force since 2014.
The main highlights of the EU-Singapore trade agreement include:
Eliminate all tariffs on EU products
Legally protect 138 iconic European drink and food products
Eliminate regulatory obstacles for EU companies in key sectors including textiles, car manufacturing and electronics
Present and identify new opportunities for EU service providers
The EU-Singapore Trade Agreement indicates EU's emphasis on further developing its engagements and possibly a way of developing trade agreements with more Southeast Asian Nations.