Sign up | Log in



Home  >>   Daily News  >>   Singapore News  >>   Trade  >>   Singapore, EU strike landmark free trade deal
NEWS UPDATES Asean Affairs   18 December 2012 

Singapore, EU strike landmark free trade deal


Singapore successfully concluded talks on a landmark free trade agreement (FTA) with the European Union yesterday, a deal that will offer companies from both parties better access to each other's markets.

The Republic is the first country in Southeast Asia to seal an FTA with the EU, following negotiations that began in March 2010.

Trade and Industry Minister Lim Hng Kiang said: "There are numerous opportunities and benefits that EU and Singaporean companies can look forward to... Singapore is confident the (FTA) will further enhance our bilateral economic relations, and pave the way for a region-to-region trade deal between the EU and Asean."

The move is key to unlocking the gateway to the region and can be a catalyst for growth for EU exporters, said EU Trade Commissioner Karel De Gucht.
He added: "After our agreement with South Korea, sealing this deal... clearly puts the EU on the map in Asia."

Although the EU has been hit by the sovereign debt crisis, it is still an economic power on the world stage. The region's troubled economies are expected to begin recovering by the middle of next year.

The agreement will see the EU eliminating tariffs on all imports from Singapore over a period of five years, said the Ministry of Trade and Industry.
A total of 80 per cent of tariff lines will be covered once the FTA is in force.

Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU's tariffs. The Republic will grant immediate duty-free access for all imports from the EU.

The deal will also see both sides making extensive commitments guaranteeing access to each other's services markets.

The FTA will result in the removal of a number of non-tariff measures between the EU and Singapore, thus boosting access for exporters of pharmaceuticals and electronics. It will also widen access to government procurement opportunities.

The EU is Singapore's second-biggest trading partner, slightly behind Malaysia, while the Republic is the EU's fifth largest in Asia and the 13th most significant globally.

Bilateral trade hit S$106 billion (US$87 billion) last year, up 7 per cent from the figure in 2010.

Economists said the FTA is a significant milestone for Singapore and will benefit exporters and investors. DBS economist Irvin Seah said: "We already have FTAs with all our major trading partners except the EU. This is the final piece of our FTA network."

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories    18 December 2012  
Subsribe Now !
• Thai PM lobbies Myanmar on Dawei project   Subcribe: Asean Affairs Global Magazine
• Diphtheria spread in Thailand sparks AEC concerns Asean Affairs Premium
• Philippines faces bright economic prospects for 2013
• Singapore, EU strike landmark free trade deal
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• AirAsia aims for 60-70m passengers a year, from current 36m
• Vietnam president announces laws on tax, corruption  
Asean Analysis              17 December 2012      Advertise Your Brand
• Asean Analysis- December 17, 2012  
• Asean Weekly-  December 7, 2012 Sponsor Our Events

Asean Stock Watch      18 December 2012   

• Asean Stock Watch- Demcember 18, 2012 

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand