Trade Committee MEPs agreed to the EU-Singapore free trade agreement, a stepping stone to cooperation between the EU and Southeast Asia.
The agreement will remove virtually all tariffs between the two parties at the latest in five years. It will liberalise trade in services, protect unique European products, and opens up the Singaporean procurement market. The agreement includes strengthened labour rights and environmental protection.
Trade Committee MEPs emphasised that since this is the first bilateral trade agreement between the EU and a member of the Association of Southeast Asian Nations (ASEAN), the deal can serve as a stepping stone to future free trade deals between the two regions, at a time when the EU can no longer rely on the US as a trading partner.
The main elements of the trade deal are the following:
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removal of many non-tariff barriers: Singapore will recognise the EU safety tests for cars and certain electronics, including household devices or adapters. It will also accept EU labels and markings for clothing and textiles;
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Geographical indications (GIs): Singapore will protect around 190 EU GIs to the benefit of EU food and drink producers, including those of Jerez wine, Comté cheese, Nürnberger Bratwurst and aceto balsamico di Modena;
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public procurement: more access to supply goods and services to the Singapore government;
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services: liberalisation of financial, postal, telecommunications, transport and information technology services. Mutual recognition of the qualifications of architects, lawyers and engineers;
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sustainable development: Singapore will implement core labour rights conventions, the Paris Agreement on climate change, and the sustainable management of forests and fisheries.
The trade committee gave its consent to the agreement by 25 votes to 11, with one abstention. The accompanying resolution, laying out the recommendations of the committee, was adopted by 25 votes to 10, with two abstentions.
Settling disputes between companies and state
The committee also agreed to the Investment Protection Agreement which, once ratified by all EU member states, will replace the existing bilateral agreements between Singapore and 13 EU member states with a more modern approach to dispute settlement. Trade Committee MEPs gave their consent by 26 votes to 11. The resolution was adopted by 25 votes to 12.
Full press release
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