The landmark trade agreement between the European Union and Singapore, which removes nearly all Customs duties between the two jurisdictions, comes into force today.
The reduction of tariff and non-tariff barriers under the EU-Singapore Free Trade Agreement (FTA) provides Singapore companies with greater market access to all EU member states.
It also containsrules on trade and sustainable development, including the protection of labour rights and the environment.
Prime Minister Lee Hsien Loong noted that it has been almost a decade since negotiations began.
Mr Lee added that Singapore hopes that the agreement will eventually lead to an EU-Asean FTA, enhancing region-to-region connectivity between the EU, the world's largest single market, and Asean, which is slated to become the fourth-largest economic bloc in the world by 2030.
Read more: EU-Singapore free trade agreement comes into force, Economy News & Top Stories - The Straits Times
The reduction of tariff and non-tariff barriers under the EU-Singapore Free Trade Agreement (FTA) provides Singapore companies with greater market access to all EU member states.
It also containsrules on trade and sustainable development, including the protection of labour rights and the environment.
Prime Minister Lee Hsien Loong noted that it has been almost a decade since negotiations began.
Mr Lee added that Singapore hopes that the agreement will eventually lead to an EU-Asean FTA, enhancing region-to-region connectivity between the EU, the world's largest single market, and Asean, which is slated to become the fourth-largest economic bloc in the world by 2030.
Read more: EU-Singapore free trade agreement comes into force, Economy News & Top Stories - The Straits Times
