The Eu-Singapore Free Trade Agreement

The EU and Singapore have also concluded an investment protection agreement, which can enter into force after being ratified by all EU member states according to their own national procedures. The agreement also contains provisions on tariffs, trade facilitation and intellectual property protection, while trade barriers are removed and sustainable development obligations are strengthened by the protection of workers` rights and the environment. Discover the current trade relationship between the EU and Singapore Nicholas Hanna of Pinsent Masons MPillay, the Singapore Joint Law Venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said that trade between the UK and Singapore will also face challenges related to coronavirus. European Commission Trade Commissioner Cecilia Malmstrom said: “Our trade agreement with Singapore is further proof of our commitment to fair and rules-based trade. The agreement will benefit workers, farmers and businesses of all sizes, both here and in Singapore. It also contains strict clauses on the protection of human rights and workers` rights and the environment. This agreement means that we have concluded 16 EU trade agreements in the last five years. This represents a total of 42 trade agreements with 73 partners, which account for one third of the EU`s total trade. It`s the largest network of its kind in the world. As soon as UKSFTA comes into force, 84% of tariffs on Singapore`s exports to the UK will be abolished, with the remaining tariffs abolished by November 2024.

British exporters have ample duty-free access to Singapore, with the removal of 99% of import duties. However, between December 2019 and May 2020, EU exports to Singapore fell by 16% compared to the same period of the previous year, to EUR 12.5 billion, due to the negative impact of Covid-19 on merchandise trade. The EEA gives Singapore and EU companies preferential access to trade in goods, services and government procurement in each other`s markets. SINGAPORE – Despite the impact of Covid-19 on world trade, European Union (EU) imports from Singapore increased by 12% in the first six months following the entry into force of the EU-Singapore Free Trade Agreement. It encouraged businesses, particularly small and medium-sized enterprises, to continue to enjoy the benefits of the agreement. The agreement maintains the measures of the EU-Singapore EXISTING free trade agreement, including measures on tariffs on products, access to services and public procurement and low non-tariff barriers in four sectors – electronics; Motor vehicles and spare parts; Pharmaceuticals and medical devices as well as the production of renewable energy, he said in a joint statement. On 19 October 2018, three agreements were signed between the parties, the EU-Singapore trade agreement, the EU-Singapore Investment Protection Agreement and the Framework Partnership and Cooperation Agreement. [5] [6] The agreement was approved by the European Parliament on 13 February 2019. [7] On November 8, 2019, it was announced that the agreement will enter into force on November 21, 2019. This comes after the Council of the European Union approved the agreement.

[1] Following an opinion of the European Court of Justice (ECJ) in Luxembourg, the original AEE was a so-called mixed agreement. The opinion was requested by the European Commission, which asked whether the EU institutions were the only ones entitled to conclude the agreement without the Member States being contracting parties. [8] The Court`s opinion led the European Commission to divide the agreement into a free trade agreement and an investment protection agreement. The EU-Singapore Free Trade Agreement (an acronym for EUSFTA) is a free trade agreement signed and ratified between the European Union and Singapore. [1] [2] Bilateral free trade and investment agreements between the European Union and Singapore. The EEA has been under negotiation since March 2010 and its text has been available to the public since June 2015. [3] Negotiations on b