This site uses cookies to provide a better experience. Continuing navigation accept the use of cookies by us OK

EU-Singapore trade agreement enters into force

 

EU-Singapore trade agreement enters into force

On 21 November the free trade agreement between the European Union and Singapore came into force.

This is a so-called "second generation" agreement that extends well beyond the provisions of trade liberalization, providing for a strong commitment by the Parties to the promotion of human and labour rights, environmental protection and a chapter dedicated to the relationship between trade and sustainable development.

The agreement has particular relevance for Italy as it will allow the protection of our geographical indications. In fact, thanks to the establishment of a special register at the Office of the intellectual property of Singapore, almost 200 European geographical indications, of which about a fifth Italian, can be protected.

On the occasion of the entry into force of the agreement, the Commissioner for Trade, Cecilia Malmström, said: "The agreement, in force from today, will stimulate trade, to the benefit of businesses, farmers, workers and of consumers on both sides. It will also allow access to the rapidly growing region of Southeast Asia. At a time when the fundamental principles of open and rule-based world trade are being challenged, we need agreements like this more than ever. The EU-Singapore agreement is the 16th free trade agreement signed since 2014. We have the largest commercial network in the world, which includes 42 trade agreements with 73 partners.

Singapore is by far the largest trading partner of the EU in the South East Asian region, with bilateral trade in goods for a total value of over 53 billion euros and services for 51 billion euros. More than 10,000 EU businesses have settled in Singapore and are using this presidency to serve the entire Pacific region.

For more information on the agreement and the opportunities it offers, see the press release HERE.


273