The EU trade agreement with Singapore: What you need to know

In October 2018, the European Union and Singapore signed a free trade agreement (FTA) that eliminated tariffs on all goods traded between the two regions, including those in the agriculture, automotive, and pharmaceutical sectors, among others. The EU-Singapore FTA also includes commitments to protect intellectual property rights, open up government procurement, and promote sustainable development.

Here are some key aspects of the EU-Singapore FTA that businesses and consumers should be aware of:

Elimination of tariffs

The EU-Singapore FTA eliminates the tariffs on all goods traded between the two regions. This covers 99% of the products traded between the two regions, according to the European Commission. This means that businesses from both regions can now import and export goods without paying duties, making it easier for them to trade with each other and access new markets.

Intellectual property protection

The FTA also includes commitments to protect intellectual property rights, including trademarks, patents, and copyrights, which is crucial for businesses looking to expand in the region. This helps to ensure that companies can protect their innovations, creations, and brands in both the EU and Singapore.

Government procurement

The FTA opens up government procurement opportunities in Singapore to EU businesses, and vice versa. This means that businesses can now bid for contracts in Singapore or the EU without being discriminated against on the basis of their nationality. This makes it easier for businesses to access government contracts in both regions, which can be a lucrative source of revenue.

Sustainable development

The EU-Singapore FTA includes a chapter on sustainable development, which promotes the implementation of environmental and labor standards. This means that both the EU and Singapore will take steps to ensure that their trade policies are sustainable, and that they do not harm the environment or violate human rights.

In conclusion, the EU-Singapore FTA is an important step towards increasing trade and investment between the two regions. By eliminating tariffs, protecting intellectual property rights, opening up government procurement, and promoting sustainable development, the FTA creates new opportunities for businesses from both regions. It also strengthens the economic and political ties between the EU and Singapore, which will benefit both regions in the long term.