The EU-Singapore Free Trade Agreement (EUSFTA) will enter into force on 21 November 2019. Following the Council of the European Union (EU)’s approval on 8 November 2019, the EU and Singapore expeditiously completed their remaining processes to bring the agreement into effect.
Minister for Communications and Information and Minister-in-charge of Trade Relations S Iswaran said, “The EUSFTA’s entry-into-force is a strong signal of the EU and Singapore’s shared commitment to uphold open and rulesbased trade. As an ambitious agreement with forward-looking provisions, it marks a new chapter in EU-Singapore relations and will provide a solid foundation for Singapore and the EU to take our economic partnership to the next level. We hope that all companies, including SMEs, will use the EUSFTA and benefit from the opportunities unlocked by the agreement.”
EU Commissioner for Trade Cecilia Malmström said, “Today marks an important moment in our bilateral trade relations with the entry into force of the EU-Singapore trade agreement. This agreement will enhance our bilateral relationship, boost the EU’s commitment to ASEAN, and is a sign of strong support for the rules-based international order.”
From tomorrow, companies based in Singapore will enjoy greater market access into the EU, with benefits ranging from tariff elimination, reduced technical barriers to trade and increased access to the EU’s services and procurement markets. As a strategic pathfinder for an eventual EU-ASEAN FTA, the EUSFTA will also enhance region-to-region connectivity between the EU – the world’s largest single market, and ASEAN – the fourth largest economic bloc by 2030.
Negotiations for the EUSFTA were launched in 2009. Goods and services negotiations were concluded in 2012, while investment protection negotiations were concluded in 2014. The investment protection elements later became the EU-Singapore Investment Protection Agreement (EUSIPA), which is undergoing ratification by the regional and national parliaments of the EU Member States. 6. For more details on the key benefits of the EUSFTA, please refer to the business guide jointly produced by the Ministry of Trade and Industry, Singapore, and the European Commission at https://bit.ly/2BYRryQ.
To view full text of the agreement click here: https://www.mti.gov.sg/-/media/MTI/Microsites/EUSFTA/EUSFTA-Full-Text_12Oct18.pdf
