The European Union and Singapore have successfully concluded talks on the Investment Protection Chapter of the EU-Singapore Free Trade Agreement (EUSFTA). Once the parties have signed and ratified the agreement, EU exporters will be able to ship any goods to Singapore without paying import duties. The two sides have also granted bilateral access to many service markets.
Singaporean exporters of electronics, pharmaceuticals, chemical products, and processed food will also benefit when EUSFTA eliminates customs duties.
EUSFTA is the first agreement between the EU and a Southeast Asian nation. Since the parties had already given their preliminary sign-off on the other parts of the agreement in September 2013, the entire negotiating process is now complete. EU Commissioner for Trade Karel De Gucht called the agreement an important step in the partnership with Singapore, noting that it gives Europe a gateway to the ASEAN market and its 600 million consumers.