The EU-Singapore Free Trade Agreement (EUSFTA) was signed at the 12th Asia-Europe Meeting Summit in Brussels, Belgium last Friday (Oct 19) by PM Lee and the President of the European Council and President of the European Commission to strengthen cooperation between Europe and Southeast Asia.
The first agreement of its kind between the EU and an ASEAN country, the EUSFTA is said to improve market access across many sectors, increase government procurement opportunities and progressively eliminate tariffs on exports.
UPS president for Asia-Pacific Ross McCullough said the agreement is expected to open new opportunities for customers, particularly Singapore exporters in the electronics, machinery and chemicals sectors– to find new markets and diversify trade lanes.
In a statement released, he said: “Singapore is already home to 14,000 European companies. The agreement establishes the island further as the gateway to the ASEAN Region, which is home to some of Asia’s fastest growing economies and middle class. This is especially timely for Asian businesses looking to connect with Europe.”