EU-Singapore agreement: major step to boost trade between Europe and Asia
European Parliament approves the EU-Singapore free trade and investment protection agreements
Today, the European Parliament has given its green light to the free trade and investment protection agreements between the EU and Singapore. A mature and services-oriented economy, Singapore is the EU's largest trading partner in the Association of Southeast Asian Nations (ASEAN). These deals therefore represent a long-awaited milestone on the path of economic integration between the European Union and the ASEAN region. The ASEAN group is the EU's 3rd largest trading partner outside Europe, with 630 million consumers and GDP growth expected at 4.8% in 2019.
BusinessEurope President Pierre Gattaz said: “These agreements show the commitment of the EU to harness trade and investment, including through modern bilateral deals with dynamic countries like Singapore. Europe must continue the path towards strengthened economic ties with fast-growing economies.
Companies of all sizes look forward to reaping the benefits of reduced barriers to trade and greater opportunities in trade and investment between the EU and Singapore. Furthermore, these agreements open the door for European companies to Southeast Asia, one of the fastest growing regions in the world.”