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Presented on 18 April 2018 by the European Commission to the Council, the EU-Singapore Trade and Investment Protection Agreements are the first bilateral trade and investment agreements concluded between the EU and a Member State of the Association of Southeast Asian Nations (ASEAN).
The investment protection agreement will enter into force after it has been ratified by all EU Member States. The EU-Singapore trade agreement, which entered into force on 21 November, is also one of the first 'new generation' bilateral agreements, which in addition to the classical removal of customs duties and non-tariff barriers for trade in goods and services, contains important provisions on intellectual property protection, investment liberalisation, public procurement, competition and sustainable development.
Helen Brand OBE, chief executive of ACCA (the Association of Chartered Certified Accountants) says: ‘Singapore, known as a global gateway to Asia and a major business hub of Southeast Asia, is by far the EU's largest trading partner in the Southeast Asian region. The entry into force of the EU-Singapore trade agreement will definitely take the relations between the two partners to a new level. I am convinced that in making the business environment more predictable, this will create much welcome opportunities for EU and Singaporean businesses and entrepreneurs to grow and prosper, thereby also creating new jobs.
EU-Singapore trade agreement enters into force