EU-Singapore trade agreement enters into force

Malmstrom

Credit: European Union, 2019 Source: EC – Audiovisual Service

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


Upon the entry into force today of the EU-Singapore trade agreement, Commissioner for Trade Cecilia Malmström said:

“The EU-Singapore trade agreement – effective as of today – will boost trade, benefitting companies, farmers, workers and consumers on both sides. It will also become a gateway to the fast-growing Southeast-Asian region. At a time when the fundamentals of open and rules-based global trade are put into question, we need agreements like this more than ever. The EU-Singapore deal is the 16th trade agreement we have put in place since 2014. We have now the largest trade network in the world, including 42 trade agreements with 73 partners.”

With the entry into force of the agreement, Singapore will now:

  • remove all remaining tariffs on EU products;
  • provide 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;
  • provide legal protection for 138 iconic European food and drink products, known as Geographical Indications. This is an important step considering that Singapore is already the third largest destination for such European speciality products.
  • remove regulatory obstacles to trade 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.

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. The country 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 in2017.§

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

Trump’s Pandemic Failure: A Missed Opportunity

Young people struggling in digital world, finds latest OECD PISA survey

Governments must take further action to boost job opportunities at an older age

EU Youth Conference in Riga concludes with recommendations for ministers

Human Rights breaches in Russia, Afghanistan and Burkina Faso

5G is here: PT Expo China 2019 will be held October 31 – November 3, in association with The European Sting

FROM THE FIELD: Crisis in Kassala FROM THE FIELD: Crisis in Kassala

Car-free day – and the other 364 days of the year

Oh, well, you are wrong, Google responds to the European Commission

As the Universal Declaration of Human Rights turns 70 – is it time for a new approach?

Humanitarian crisis in Yemen remains the worst in the world, warns UN

Google and Apple suddenly realise that doing business in EU is tough?

Parliament elects the von der Leyen Commission

David Attenborough’s worried about this ocean threat – and it’s not plastic

5 ways Coca-Cola is cleaning up its plastic footprint in Africa

The moment of truth for global energy transition is here

How the ‘California effect’ could shape a global approach to ethical AI

Somalia has ‘once in a generation’ gender equality opportunity – UN Women chief

‘No justification’ for attacks against civilians, UN envoy says on mounting cross-border violence in Gaza

The European Commission and EU consumer authorities publish final assessment of dialogue with Volkswagen

State aid: Commission approves €1.2 billion French “Fonds de solidarité” scheme for small enterprises in temporary financial difficulties due to coronavirus outbreak

Hurricane Dorian: Bahamas death toll expected to rise as thousands remain missing

The time for cities to get smart is now

Turning Europe into a giant wind farm could power the entire world

Taliban-led violence during recent Afghan polls leaves record high numbers of civilians dead – UN

‘Agile’, multilateral response vital to combat terrorism – UN chief Guterres

EU adopts rebalancing measures in reaction to US steel and aluminium tariffs

While EU Open Days 2013 discuss the 2020 strategy, Microsoft shares a glimpse of EU 2060

Fail fast, fail better: 3 ways companies can master innovation

Turkey caught in a vicious Syrian circle bringing terror and war at home

More than 3,400 classrooms damaged or destroyed by Cyclone Idai in Mozambique, says UN Children’s Fund

Coronavirus: Commission welcomes Parliament’s quick green light for proposed new resources to protect lives and livelihoods

We can’t rid Asia of natural disasters. But we can prepare for them

“InvestEU”: MEPs support new programme to boost financing for jobs and growth

Here are 3 alternative visions for the future of work

From diamonds to recycling: how blockchain can drive responsible and ethical businesses

UN Committee says Ebola in DR Congo still an international public health emergency

The 8 pieces of digital DNA we need to thrive in the AI age

EU Commission: a rise in wages and salaries may help create more jobs

ECB asks for more subsidies to banks

Main results of EU Environment Council, 25/06/2018

European Junior Enterprise Network – Ready to take the Step Into the Future?

Global Report on Food Crises reveals scope of food crises as COVID-19 poses new risks to vulnerable countries

Nairobi summit: Women’s empowerment a ‘game changer’ for sustainable development

Why will Paris upcoming “loose” climate change agreement work better than the previous ones?

Killings and violence targeting ethnic group in DR Congo ‘may amount to crimes against humanity’

Global leaders and companies pledge to reduce the gender pay gap by 2030

How to create a world where healthcare is a right, not a luxury

UN chief praises Malaysia’s death penalty repeal as ‘major step forward’

Environmental labelling, information and management schemes are central to the circular economy

South African women’s fury at gender-based attacks spills onto the streets

3 lessons from India in creating equal access to vaccines

A good night’s sleep ‘washes’ your brain, scientists say

Antisemitism, intolerance, can be unlearned, Guterres tells New York commemoration

In this ‘wildland’ farm in Britain, species thrive and yields are high

What do Europeans believe about the crisis and the possible way out?

This fascinating map shows how food moves around the US

Billions for sustainable investments – Germany’s plan for a green recovery

UN chief urges Hamas and Israel to ‘step back from the brink of another devastating conflict’ in Gaza

In New Zealand it takes less than a day to start a business

More Stings?

Advertising

Speak your Mind Here

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

WordPress.com Logo

You are commenting using your WordPress.com 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