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Singapore, EU successfully conclude FTA talks

Published on Dec 16, 2012 10:02 PM
Singapore Minister for Trade and Industry Mr Lim Hng Kiang and the European Union (EU) Trade Commissioner Mr Karel de Gucht at the successful conclusion of the EU-Singapore Free Trade Agreement negotiations in Singapore on 16 December 2012. -- PHOTO: MTI

SINGAPORE has successfully concluded talks on a landmark free trade agreement (FTA) with the European Union (EU) today, a deal which will offer companies from both parties better access to each other's markets.

The Republic is the first country in South-east Asia to clinch an FTA with the EU.

The agreement will see the EU eliminating tariffs on all imports from Singapore over five years. A total of 80 per cent of tariff lines will be covered upon entry into force of the agreement.

Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU's tariffs. Singapore will grant immediate duty-free access for all imports from the EU.

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