As per the infographic from the European Commission, Singapore is the EU's first commercial partner in SouthEast Asia. The trade and investment agreements concluded will set a benchmark for EU cooperation with other countries in the region.
The main areas covered by these deals are labeling and safety testing, renewable energy, public procurement, intellectual properties, smaller companies, environment, and labor. The EU and Singapore have a total value of 53.3 billion euros bilateral trade in goods and 44.4 billion euros in bilateral trade services.
The benefits of EU-Singapore trade and investment deals will:
Eliminate all Singapore tariffs,
Remove non-tarrif barriers in areas such as electronics where Singapore will recognize EU standards,
Help protect people's right at work,
Introduce EU-wise investment protection agreement.
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