Europe Singapore Free Trade Agreement

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Europe Singapore Free Trade Agreement

The Europe-Singapore Free Trade Agreement (EUSFTA) is a bilateral free trade agreement between the European Union (EU) and Singapore. The agreement was signed in October 2018, and after being approved by the European Parliament, it entered into force on November 21, 2019.

The EUSFTA is a comprehensive trade agreement that eliminates tariffs and non-tariff barriers to trade in goods and services between the EU and Singapore. It covers a broad range of sectors, including pharmaceuticals, electronics, financial services, and transport.

Under the EUSFTA, Singapore and the EU have agreed to remove tariffs on all industrial and agricultural goods traded between them. This will create new opportunities for businesses on both sides by reducing the cost of trade. The agreement also includes provisions to protect intellectual property rights, increase market access for services and investments, and promote sustainable development.

For Singapore, the EUSFTA is a significant achievement as it is the first trade agreement with a major trading partner outside of Southeast Asia. The agreement will help Singapore diversify its trade relations and create new opportunities for businesses in a variety of sectors.

For the EU, the EUSFTA is part of a broader policy of expanding its trade relations with Asia. As the EU faces growing economic competition from China, India, and other fast-growing Asian economies, trade agreements like the EUSFTA are seen as essential for securing access to the region`s markets and promoting EU exports.

Overall, the EUSFTA is a win-win agreement for both Singapore and the EU. By reducing trade barriers and promoting economic development, the agreement will help to create jobs, increase investment, and improve the standard of living for people on both sides of the globe. As such, it represents an important step towards closer economic cooperation between Europe and Asia.