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FTA set to boost businesses in Singapore | 18 December 2012

A new agreement to be signed between Singapore and the European Union (EU) is set to provide a boost to businesses.

The Free Trade Agreement (FTA), which is due to be completed early next year, will mean companies have better connections with other markets.

Final negotiations – ahead of the official conclusion – for the deal were concluded by the EU trade commissioner Karel De Gucht and Singapore’s minister of trade and industry, Lim Hng Kiang, on Sunday (16th December), after two years of talks.

This improved access will reduce import costs on items such as food, drink and telecom products. In turn, this will provide a boost to businesses and could see the demand for office space and commercial property rise.

Mr De Gucht told neurope.eu that the EU is very happy with the agreement and that he hopes further deals can be reached in the future.

He said: “After our agreement with South Korea, sealing this deal with Singapore clearly puts the EU on the map in Asia. But we do not intend to stop here – I hope it will open the doors for FTAs with other countries in the ASEAN region.”

According to radionz.co.nz, the EU-Singapore trade was worth approximately 74 billion euros last year.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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