Singapore and the European Union Successfully Conclude EU-Singapore Free Trade Agreement
Singapore and the European Union (EU) have successfully concluded negotiations for the EU-Singapore Free Trade Agreement (EUSFTA) today in Singapore. The EUSFTA will be signed after all domestic processes, including translations and verifications, are completed.
Under the agreement, Singapore and EU companies will enjoy greater access to each other’s markets.
The EU will eliminate tariffs on all imports from Singapore over a period of five years. 80 per cent of the tariff lines will be covered upon entry into force of the agreement. Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU’s tariffs. Singapore will grant immediate duty-free access for all imports from the EU.
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Jointly issued by:
MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
16 December 2012