The European Union and Singapore have committed to work towards the ratification of the bilateral trade and investment agreement by the tip of this 12 months and its implementation shortly thereafter.
This follows a gathering on Friday (March 2) between Singapore’s Minister of Trade and Industry (Trade) Lim Hng Kiang and visiting EU Trade Commissioner Cecilia Malmstrom.
“This is an important step towards strengthening our relationship with the EU, which is our third-largest trading partner and largest investor in Singapore,” Lim said. “It also strengthens the EU’s economic engagement within the ASEAN region.”
Welcoming this commitment, Ms Malmstrom said: “Together with the EU-Singapore Partnership and Cooperation Agreement, this trade and investment agreement will reaffirm our strong commitment to Singapore and open a brand new dimension in our relationship with Singapore and ASEAN.”
Negotiations on the EU-Singapore Free Trade Agreement were concluded in October 2014. Once accomplished, this might be the primary trade agreement to be implemented between the EU and an ASEAN member state.
The agreement with Singapore is anticipated to be sent to the Council after which to the European Parliament for approval in April 2018. The EU’s Supreme Court ruled in May last 12 months that full entry into force of the free trade agreement was vital for it to come back into full force. Requires consent from the 38 national and sub-national parliaments of the 28 member states of the regional bloc.
Source: This is a component of an article originally published on Asia News Channel.
