The Eu-Singapore Free Trade Agreement

EU Member States today approved the EU-Singapore trade agreement. The agreement will enter into force on 21 November. Under the ALER, Singaporean and European companies benefit from preferential access to trade in goods, services and public procurement in the markets of the other. On 19 October 2018, three agreements were signed between the parties, namely the EU-Singapore Trade Agreement, the EU-Singapore Investment Protection Agreement and the Framework Agreement on Partnership and Cooperation. [5] [6] The agreement was subsequently approved by the European Parliament on 13 February 2019. [7] On 8 November 2019, it was announced that the agreement will enter into force on 21 November 2019. This comes after the approval of the agreement by the Council of the European Union. [1] The EU-Singapore Free Trade Agreement, acronym EUSFTA, is signed and ratified[1][2] Bilateral Free Trade and Investment Agreement between the European Union and Singapore. EuSFTA has been under negotiation since March 2010 and its text has been publicly available since June 2015. [3] Negotiations on goods and services were concluded in 2012 and investment protection on 17 October 2014.

[4] Under the trade agreement, Singapore will remove all remaining tariffs on EU products. The agreement also offers new opportunities for EU service providers, notably in sectors such as telecommunications, environmental services, engineering, data processing and maritime transport. It will also make the business environment more predictable. Singapore has not yet exported Asian food products such as Sambal Ikan Bilis, Samosas or dumplings, using the annual quota of 1,250 tonnes since the entry into force of the agreement. The EU and Singapore have also concluded an investment protection agreement that can enter into force after being ratified by all EU Member States according to their own national procedures. Cecilia Malmström, European Commissioner for Trade, said: “Our trade agreement with Singapore is further proof of our commitment to fair and rules-based trade. This agreement will benefit workers, farmers and businesses of all sizes, both here and in Singapore. It also contains strong clauses to protect human rights, human rights and the environment. . .

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