A second deal between the 27-nation bloc and a major Asian Trading partner was agreed upon as the European Union (EU) and Singapore have concluded talks about a free-trade agreement (FTA).
A second deal between the 27-nation bloc and a major Asian Trading partner was agreed upon as the European Union (EU) and Singapore have concluded talks about a free-trade agreement (FTA).
This move will further open the country's market for financial services and allow European automotive makers to export their products. Considering that Singapore is one of Asia's second largest investors next to Japan, and one of the richest countries as well, EU is hoping to have better access to the said country. And, unlike other countries, Singapore is unlikely to reject the deal due to political reasons.
According to Karel De Gucht, EU Trade Commissioner, "We have finalised the negotiations, and I'm very pleased with the result."
UK Prime Minister, David Cameron, on the other hand, referred to the deal as a "landmark moment in our relationship with Singapore".
He also said that the new deal would be good for British business and be a gateway to other dynamic economies in Asia".
As reported by the Reuters news agency, the EU is the second biggest trade partner of Singapore, after Malaysia.
FTA negotiations are being conducted by the EU with Malaysia and Vietnam, also members of the 10-nation Association of Southeast Asian Nations (Asean).
The new agreement will ease the access of EU companies to Singapore's public procurement markets as well as its banking and financial services.
The acceptance of common standards will aid European car exporters who belong to the sectors that were badly hit by the existing economic downturn.
Last year, the trade surplus of the EU with Singapore reached 8bn Euros and a big portion of the bloc's exports were cars.
The European Parliament's lead negotiator, Conservative MEP Syed Kamali, named Singapore as a massive and growing market. He also added that excellent opportunities will be offered to London's professional services sector.
Lastly, he said that the second largest Asian investor to the EU, being a "key trade hub", would open up European access to other markets in South-East Asia.
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