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The agreements signed today are the EU-Singapore Trade Agreement, the EU-Singapore Investment Protection Agreement and the Framework Agreement on Partnership and Cooperation. [...]
Within the ASEAN bloc of nations, Singapore is by far the EU's largest partner with a total bilateral trade in goods of €53.3 billion (2017) and in services of €44.4 billion (2016). Over 10,000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific region. Singapore is also the number one location for European investment in Asia, with investment between the two growing rapidly in recent years: bilateral investment stocks reached €256 billion in 2016.
The trade agreement with Singapore will remove nearly all remaining tariffs on certain EU products, simplify customs procedures and set high standards and rules. It simplifies trade in goods like electronics, food products and pharmaceuticals, while stimulating green growth. It opens up the market for services like telecommunications, environmental services and engineering. It also includes a comprehensive chapter on trade and sustainable development, setting the highest standards of labour, safety, environmental and consumer protection, as well as strengthening joint actions on sustainable development and climate change.
The Investment Protection Agreement contains all aspects of the EU's new approach to investment protection and its enforcement mechanisms. It will ensure a high level of investment protection, while safeguarding the EU's and Singapore's rights to regulate and pursue public policy objectives such as the protection of public health, safety and the environment.
The trade and investment agreements represent the first building block towards a future region-to-region agreement between the EU and ASEAN.
The Framework Agreement on Partnership and Cooperation, signed by the High Representative/Vice-President Federica Mogherini and her counterpart, the Minister of Foreign Affairs of Singapore, Vivian Balakrishnan, will allow the EU and Singapore to strengthen political, economic and sectoral cooperation across a wide range of fields, including environment, climate change, energy, education and culture, employment and social affairs, science and technology, transport, counter terrorism and the fight against organised crime. It will enhance cooperation on global challenges, where both Singapore and the EU play an increasingly important role, and will help address them in a more coherent way. The Agreement establishes a Joint Committee, which will ensure the proper functioning and implementation of the Agreement.
The Partnership and Cooperation Agreement with Singapore is the fourth such agreement signed with an ASEAN country, following the agreements with Indonesia, the Philippines and Vietnam. It will supersede the current legal framework of the 1980 Cooperation Agreement between the European Economic Community and member countries of ASEAN. [...]