EU votes in favour of landmark FTA with Singapore

Following a majority vote in favour of the European Union-Singapore Free Trade Agreement on Feb 13, the pact can be ratified and entered into force.
Following a majority vote in favour of the European Union-Singapore Free Trade Agreement on Feb 13, the pact can be ratified and entered into force. PHOTO: SCREENGRAB FROM EC.EUROPA.EU

The European Parliament has voted in support of a landmark trade deal with Singapore that will remove nearly all Customs duties between the two jurisdictions.

A majority vote in favour of the European Union-Singapore Free Trade Agreement (EUSFTA) yesterday in France paves the way for the pact to be ratified. When in force, the EUSFTA will eliminate duties on 84 per cent of Singapore exports to the EU.

Two other pacts, including an Investment Protection Agreement (IPA), received support yesterday as well.

Calling this an important milestone in Singapore's bilateral relations with the EU, Ministerin-charge of Trade Relations S. Iswaran said the EUSFTA and IPA will bring economic benefits to Singapore, in particular its smaller companies.

SEE TOP OF THE NEWS: Green light for European Union's FTA with Singapore

A version of this article appeared in the print edition of The Straits Times on February 14, 2019, with the headline 'EU votes in favour of landmark FTA with S'pore'. Print Edition | Subscribe