Significant trade agreement between EU and Singapore

18.12.2012

The negotiation between European Union and Singapore about the draft of Free Trade Agreement (FTA) have been lasted more than two years. Finally, December 16, 2012 the European Commission and the government of Singapore have agreed upon this question.

The purpose of the FTA is the creation of new possibilities and new opportunities for a wide range of services. Both parties of the Agreement agreed on greater liberalization of the services market, as well as new measures to combat discrimination and maintaining transparency.

The Agreement provides greater access to public tenders, as well as the reduction of non-tariff barriers in key industry sectors. In addition, it was agreed the better protection of intellectual property rights, the introduction of the principles of protection of competition, increase investment and trade promotion in the field of renewable energy.

Singapore is currently in 13th place in terms of trade with the EU and on the 1st place among the ASEAN countries. In 2010 the volume of bilateral investment reached 190 billion euros. This Agreement is the first such agreement the EU with ASEAN countries. Today we know that the EU is in negotiations for the conclusion of similar agreements with Malaysia and Vietnam.

On the basis of: http://www.tax-news.com/news/EU_Singapore_Conclude_Landmark_Trade_Talks____58835.html

Expert’s opinion

Mikhno Aleksandra ( Paralegal of Legal Services and Bank Consulting Department of “Honest&Bright”)