Trade Agreement Eu Singapore

The parties agree to apply their health and plant health rules in a non-discriminatory manner and not to introduce new measures that cause excessive trade obstruction. Intellectual property protection provisions include patents, trademarks, copyrights and geographical indications. The EU and Singapore meet regularly to discuss issues and best practices in implementing the agreement. Committees meet regularly. Jean-Claude Juncker, President of the European Commission, said: “This is the first bilateral trade agreement between the European Union and a South-East Asian country, a building block of a closer relationship between Europe and one of the most dynamic regions in the world. It crowns the Commission`s efforts to establish a network of partners for open, fair and rules-based trade. Since I took office in 2014, trade has created 5 million new jobs in the EU and now contributes to the employment of 36 million people. This, and the fact that it accounts for 35% of the EU`s GDP, show how essential trade is to Europe`s prosperity. The EEA gives Singapore and EU companies preferential access to trade in goods, services and government procurement in each other`s markets. EU Ambassador to Singapore Barbara Plinkert said the increase in EU imports from Singapore “clearly demonstrates the benefits of EESCE in reducing and eliminating Singapore`s exports to the EU, despite the difficult conditions of international trade and supply chains since the onset of the current pandemic.” The chapter on trade in services includes the liberalisation of the four types of services within the meaning of the WTO GATS in all service sectors, with the exception of aviation. The liberalisation of trade in services takes place according to the timetables of specific commitments. Commitment schedules are revised at least every two years and the contracting parties have committed to essentially liberalizing all services trade within ten years. European Commission Trade Commissioner Cecilia Malmstrom said: “Our trade agreement with Singapore is further proof of our commitment to fair and rules-based trade.

The agreement will benefit workers, farmers and businesses of all sizes, both here and in Singapore. It also contains strict clauses on the protection of human rights and workers` rights and the environment. This agreement means that we have concluded 16 EU trade agreements in the last five years. This represents a total of 42 trade agreements with 73 partners, which account for one third of the EU`s total trade. It`s the largest network of its kind in the world. All trade in industrial products, fish and other seafood from EFTA states will have duty-free access to these markets as soon as the agreement enters into force.

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