Singapore, Singapore (4E) – The European Union (EU) on Sunday successfully ended talks on the EU-Singapore Free Trade Agreement (EUSFTA) in Singapore, said Singaporean Ministry of Trade and Industry (MTI).
The ministry added that the agreement would be signed only on the completion of all domestic processes, including translations and verifications. Once signed, the companies of Singapore and the 27-nation bloc will be able to access markets of each other.
The EU promised to eliminate import duties on all goods from Singapore for initial five years – a move, which will greatly benefit Singaporean exporters of electronics, pharmaceuticals, chemicals and processed food products.
In return, Singapore will also allow duty-free access to all EU imports. Singapore’s Trade and Industry Minister Lim Hng Kiang said, “There are numerous opportunities and benefits that EU and Singaporean companies can look forward to. Once the agreement enters into force, Singapore is confident that the EUSFTA will further enhance our bilateral economic relations, and pave the way for a region-to-region trade deal between the EU and ASEAN.”
“Singapore is a dynamic market for EU companies and is a vital hub for doing business across Southeast Asia. This agreement is key to unlocking the gateway to the region and can be a catalyst for growth for EU exporters,” said EU Trade Commissioner Mr Karel De Gucht.