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New Europe | 11 November 2019
EU-Singapore trade deal to enter into force this month
The Council of the European Union gave on 8 November the green light to the free trade deal between the bloc and Singapore signed last year, removing nearly all customs duties and non-tariff barriers. It is due to enter into force on 21 November.
Over 10,000 European companies are established in Singapore. Apart from removing all tariffs on EU products, the deal will also boost EU services’ providers in key sectors, such as telecommunications, environmental services, and maritime transport.
The deal comes after the EU suspended efforts to strike a bloc deal with the 10-member Association of South-east Asian Nations, ASEAN, in 2009, due to disagreements.
The total bilateral trade in goods is over €53 billion, and the trade in services amounts €51 billion, making Singapore the number one location for European investment in Asia.