Trade: EU-Singapore agreement to enter into force on 21 November 2019


Phil Hogan, Member of the EC in charge of Agriculture and Rural Development in Singapore. European Union, 2019 Source: EC – Audiovisual Service

This article is brought to you in association with the European Commission.

EU Member States today endorsed the trade agreement between the EU and Singapore. This means the agreement will enter into force as soon as 21 November.

President of the European Commission Jean-Claude Juncker said: “This is the European Union’s first bilateral trade agreement with a Southeast Asian country, a building block towards a closer relationship between Europe and one of the most dynamic regions in the world. It crowns the efforts of this Commission to build a network of partners committed to open, fair and rules based trade. Trade has created 5 million new jobs in the EU since I took office in 2014, and now contributes to the employment of 36 million people. This, together with the fact that it accounts for 35% of the EU GDP, shows how critical trade is for Europe’s prosperity.”

Commissioner for Trade Cecilia Malmström said: “Our trade agreement with Singapore provides further evidence of our commitment to fair and rules-based trade. The agreement will benefit workers, farmers and companies of all sizes, both here and in Singapore. It also includes strong clauses protecting human and labour rights and the environment. This agreement means that in the last five years we have put in place 16 EU trade deals. This brings the total to 42 trade agreements with 73 partners, accounting for a third of total EU trade. This is the largest such network in the world.”

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 another €51 billion of trade in services. Over 10,000 EU companies are established in Singapore and use it as a hub for the whole Pacific region. Singapore is also the number one location for European investment in Asia, with investment between the EU and Singapore growing rapidly in recent years: combined bilateral investment stocks reached €344 billion in 2017.

Under the trade agreement, Singapore will remove all remaining tariffs on EU products. The agreement also provides new opportunities for EU services’ providers, among others in sectors such as telecommunications, environmental services, engineering, computing and maritime transport. It will also make the business environment more predictable. The agreement will also enable legal protection for 138* iconic European food and drink products, known as Geographical Indications. Singapore is already the third largest destination for such European specialty products. 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 by accepting labels that EU companies use for textiles.

The EU and Singapore have also concluded an investment protection agreement, which can enter into force after it has been ratified by all EU Member States according to their own national procedures.






the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Taxation: Commission refers Hungary to the Court for failing to apply the minimum EU excise duty on cigarettes

After music and TV, where will the streaming revolution take us next?

‘Protracted crisis’ in Venezuela leads to ‘alarming escalation of tensions’: UN political chief

The hostilities in south and eastern Ukraine resume; where could they lead?

Inspiring young doctors: the beginning of the change

Euronest: delivering reforms is the best way forward for EU’s Eastern Partners

Autumn Fiscal Package: Commission adopts Opinions on euro area Draft Budgetary Plans

Switzerland to introduce strict restrictions on executive pay

UNESCO food and culture forum dishes up fresh serving of SDGs

International Women’s Day 2019: women’s power in politics

Protectionism doesn’t stand a chance in the age of connectivity

Here’s how we get businesses to harmonize on climate change

90% of fish stocks are used up – fisheries subsidies must stop

How businesses can create an ethical culture in the age of tech

These countries are driving global demand for coal

10 ways central banks are experimenting with blockchain

‘Emulate his example’ urges UN chief as world celebrates Nelson Mandela: a ‘global advocate for dignity and equality’

Why the Fourth Industrial Revolution needs more arts graduates

Climate change hits the poor hardest. Mozambique’s cyclones prove it

First-ever World Braille Day underscores importance of written language for human rights

Why India can show us how to achieve growth with purpose

The needs, challenges and power dynamics of refugee resettlement

Why we need different generations in the workplace

“I believe that startups are for grown-up men, those, who have already achieved something “

US and China in painstaking efforts to conclude trade talks

A European young student shares his thoughts on Quality Education

Address by the President Antonio Tajani at the funeral of Nicole Fontaine

Grievous violations continue against Myanmar civilians, Human Rights Council hears

Parliament boosts consumer rights online and offline

Repression, use of force risk worsening Bolivia crisis: UN human rights chief

Brexit: No deal without marginalizing the hard Tory Eurosceptic MPs

The time for cities to get smart is now

Tusk fights back while charismatic Boris goes against everybody in Brussels pushing the UK to leave the EU now or never

The ‘abuse of food relief in Yemen’ must end now

Measles ‘misinformation campaigns’ through social media, fuel rising toll

IMF: World cup and productivity

Terrorists potentially target millions in makeshift biological weapons ‘laboratories’, UN forum hears

What does Tsipras have to offer to the rest of Europe? Is it worth an early advance of €10 billion? Berlin sturdily denies it

Improve collection of data on disasters, Secretary-General Guterres urges

The South China Sea Arbitration: Illegal, Illegitimate and Invalid

Would you want to live to 150? Top quotes on what it means to grow old

More than 750 million people around the world would migrate if they could

Why the foundations of the modern world are costing the earth

E-cigarettes are killing us softly with their vapor

Draghi reveals how failing banks will be dealt, may cut interest rates soon

7 surprising and outrageous stats about gender inequality

Macron defends the idea of European sovereignty

‘World’s deadliest sea crossing’ claimed six lives a day in 2018: UN refugee agency

New UN rights chief pledges to push back on ‘centuries of prejudice and discrimination’

China-EU Summit on 16-17 July 2018: “Work together to address common challenges”, by China’s Ambassador to the EU

This man swam under the East Antarctic ice sheet to highlight the impact of climate change

Obese people more likely to smoke, says new gene research: WHO

How young people are shaping the future of sustainable fashion

The Italian crisis may act as a catalyst for less austerity

Economic recovery won’t tackle youth unemployment problem

Labels for tyres: deal for greener and safer road transport

Mexico cannot move forward ‘without addressing the shadows of the past’, says UN rights chief

These EU countries have the most government debt

One year on: EU-Canada trade agreement delivers positive results

The EU adopted €297 million in concrete actions for refugees and local communities in Jordan and Lebanon

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s