EU and Singapore present text of comprehensive FTA
Wellington, New Zealand
23 September 2013
For Immediate Release
EU and Singapore present text of comprehensive free trade agreement
The European Union and Singapore have released the text of one of the most comprehensive trade agreements they have ever negotiated. It is the first EU deal with a Southeast Asian economy and has the potential to open the door to Free Trade Agreements (FTAs) with other countries from the region. The release of the texts follows their initialling by the chief negotiators from the European Commission and Singapore's Government on 20 September in Singapore.
"We are pleased to present one of the most comprehensive free trade agreements ever negotiated, and to submit it to our respective authorities for approval”, said Rupert Schlegelmilch, the EU’s chief negotiator of this trade agreement. “The European Union and Singapore are already trading €1 billion worth of goods every week, and the agreement lays the foundations upon which business ties can prosper further. This is also the first step towards closer economic ties between the two major integrated regions in the world, the Association of Southeast Asian Nations (ASEAN) and the European Union, and their 1.1 billion citizens."
European Union Trade Commissioner Karel De Gucht sealed the deal with Singapore's Minister of Trade and Industry Lim back in December 2012. The ‘initialling’ consolidates what has been negotiated, but is without prejudice to a later decision by either side on whether or not to approve an agreement. In the case of the European Union, the European Parliament has the final say on approving all free trade agreements.
For more information:
MEMO/13/805: Factsheet on the EU-Singapore FTAFull text of the agreement
Overview of the content of the agreement
Study on the estimated benefits of the FTA
Press Release (IP/12/1380): EU and Singapore agree on landmark trade deal, 16 December 2012