EU and Singapore Concluded Trade Talks

EU and Singapore Concluded Trade Talks

The European Commission has finally concluded the two-years negotiations with Singapore regarding signing of free trade agreement.

Negotiations between the EU and Singapore began in March 2010, and were completed on December 16, 2012. The negotiated deal is aimed on creating new opportunities in the wide range of services sectors. Both sides will provide liberalization of their services markets and apply principles of non-discrimination and transparency.

The treaty will also provide better access to public tenders and reduction of barriers in key industries. Protection of intellectual property rights was also agreed during the negotiations. Comprehensive rules will be introduced on competition and state aid, along with a new regime to tackle barriers for trade and investment in renewable energy generation.

Singapore is the EU's 13th largest goods trading partner and its largest trading partner in the Association of South-East Nations (ASEAN). In 2010, the existing stock of bilateral investment between the EU and Singapore reached EUR 190 bln.

The draft agreement is expected to be initialed next spring.

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