Entry into Force of the EU-Singapore Trade Agreement

On November 21, 2019, the EU-Singapore trade agreement came into force. With the agreement’s entry into force, Singapore: will remove all remaining tariffs on EU products; will create new opportunities for EU service providers, including in sectors such as telecommunications, environmental services, engineering, IT, and maritime transport. It will also make the business environment more predictable; will provide legal protection for 138 iconic European food and beverage products, known as geographical indications. This is an important step, given that Singapore is already the third largest destination for these special European products; will remove certain regulatory barriers to trade in key sectors, for example by recognizing EU safety tests for cars and many electrical appliances or accepting labels used by EU companies for textiles
Singapore is by far the EU’s largest trading partner in the Southeast Asian region, with total bilateral trade in goods exceeding 53 billion euros and trade in services amounting to 51 billion. euros. Over 10,000 EU companies are established in Singapore and use it as a hub to serve the entire Pacific region. Singapore is also the number one destination for European investments in Asia, with investments between the two partners growing rapidly in recent years: combined bilateral investment stocks reached 344 billion euros in 2017.