Eu-Singapore Trade And Investment Agreements

by on April 9, 2021

According to an opinion of the European Court of Justice (ECJ) in Luxembourg, the initial AEE was a so-called joint agreement. The opinion was requested by the European Commission, which asked whether the EU institutions were the only ones entitled to conclude the agreement without the Member States being contracting parties. [8] The Court`s opinion led the European Commission to divide the agreement into a free trade agreement and an investment protection agreement. As part of the trade agreement, Singapore will remove all remaining tariffs on EU products. The agreement also offers new opportunities for EU service providers, particularly in areas such as telecommunications, environmental services, engineering, IT and shipping. It will also make the business environment more predictable. The agreement will also provide legal protection for 190 iconic European food and beverage products known as geographical indications. Singapore is already the third destination for this kind of European specialties. Singapore has also expressed its readiness to remove trade barriers in addition to tariffs in key sectors, such as recognising EU safety tests for cars and many electronic devices or accepting labels used by EU textile companies. Singapore is by far the EU`s largest trading partner in the Southeast Asian region, with bilateral merchandise trade of more than 53 billion euros and an additional 51 billion euros in services trade.

More than 10,000 EU companies are based in Singapore and use it as a hub for the entire Pacific. Singapore is also the most important site for European investment in Asia, with a rapid increase in investment between the EU and Singapore in recent years: in 2017, bilateral investment stocks reached 344 billion euros. Singapore is one of the ten ASEAN members. It is the EU`s largest trading partner in ASEAN, accounting for just under a third of EU-ASEAN trade in goods and services and about two-thirds of investment between the two regions. More than 10,000 EU companies are based in Singapore and use it as a hub for the entire South Pacific. The European Parliament approved the agreements on 13 February 2019. EU member states approved the trade agreement on 8 November 2019. It came into force on November 21, 2019.

The investment protection agreement will enter into force after being ratified by all EU Member States according to their own national procedures. For the free trade agreement to enter into force, the EU (parliament and council) and Singapore must ratify the agreement. On 13 February 2019, the European Parliament approved both the free trade agreement and the investment protection agreement, and the free trade agreement is expected to enter into force as soon as possible. [7] [9] The separate investment protection agreement must also be approved individually by each EU member state. The EU and Singapore have also concluded an investment protection agreement, which can enter into force after being ratified by all EU member states according to their own national procedures. Discovering the current trade relationship between the EU and Singapore On 8 November 2019, the European Commission announced that EU member states had approved the EU-Singapore trade agreement, which allows the EU to enter into force as early as 21 November.

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