At a time of resurgent populism and protectionism, the European Union-Singapore Free Trade Agreement (EUSFTA), which was approved by the European Parliament on Wednesday, sends a positive signal that support for free trade is still alive and well. The EUSFTA is a landmark deal in two key respects. First, it is a "new generation" trade agreement which not only eliminates tariffs on goods, but also improves market access for services and government procurement, provides for stronger protection of intellectual property rights as well as mutual recognition of product standards, and protects investors.

It also recognises the integrated nature of supply chains in South-east Asia, allowing components sourced from Asean by Singapore companies to be deemed as Singapore-originating - and therefore eligible for tariff-free treatment - in the case of certain products.