The European Parliament has given the green light to a landmark trade agreement with Singapore that is set to remove nearly all customs duties between the two jurisdictions.
Following a majority vote in favour of the European Union-Singapore Free Trade Agreement (EUSFTA) on Wednesday (Feb 13) in France, the pact can be ratified and entered into force. Meanwhile, two other agreements were also given the go-ahead.
Calling this an important milestone in Singapore's bilateral relations with the EU, Minister-in-charge of Trade Relations S. Iswaran said in a statement that "Singapore and EU companies, in particular our small- and medium-sized enterprises, can look forward to significant benefits from the reduction of tariff and non-tariff barriers".
"The two agreements are also strategic pathfinders to an eventual EU-ASEAN trade and investment agreement," he added. "They are a tangible demonstration of the EU and Singapore's shared commitment to open and rules-based trade and will anchor the EU's presence in ASEAN ."
