Singapore, EU free trade pact takes another step forward
The free trade agreement (FTA) between Singapore and the European Union (EU) has moved one step closer towards ratification with the legal text being finalised on Friday.
This is an important agreement for both parties that will pave the way for improved trading links between the EU and all of Asean, said Singapore chief negotiator Keith Tan.
The agreement is Singapore's first bilateral FTA that includes an Asean cumulation concept, Mr Tan noted.
This means that Singapore manufacturers will be able to count the use of raw materials and parts sourced from other Asean member countries to determine whether their exports can enjoy tariff concessions.