European Parliament gives green light to EU-Singapore trade and investment protection deals
Last month, we informed you in our article 'Trade deals and EU related negotiations' about the Free Trade Agreement (FTA) between the EU and Japan which has entered into force in the beginning of February 2019. Two weeks later, another Free Trade Agreement has been given green light: the EU- Singapore FTA.
The European Parliament endorsed the free trade and investment protection deals between EU and Singapore, serving as blueprint for further cooperation with Southeast Asia.
Stepping stone to Asia
As the first bilateral trade agreement between the EU and a member of the Association of Southeast Asian Nations (ASEAN), the deal can serve as a stepping stone to further free trade deals between the two regions, at a time when the EU can no longer rely on the US as a trading partner, the resolution accompanying the decision states. It was adopted by 431 votes for, 189 against and 52 abstentions.
Singapore is by far the EU’s largest partner in the region, accounting for almost a third of EU-ASEAN trade in goods and services, and roughly two-thirds of investment between the two regions. Over 10,000 European companies have their regional offices in Singapore.
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Source: The European Parliament