Singapore and the European Union initialised their Free Trade Agreement (FTA) on September 20.
Mr. Stefano Poli, President of the European Chamber of Commerce in Singapore, said in a press release that “As the EU’s first ‘green’ FTA and the first successful bilateral FTA between the EU and an ASEAN member state, the EU-Singapore FTA will no doubt set a reference point for the ongoing bilateral FTA negotiations between the EU and Malaysia, Thailand and Vietnam.”
He expressed his confidence that the EU-Singapore FTA will enhance the commercial and economic incentives for mutual trade and investment between Singapore and the Europe .
“It will also further establish Singapore as a strong, reliable gateway for the foray of European commercial ventures into the greater Asian market, given Singapore's existing infrastructure capabilities," Stefano added.
According to the European Chamber of Commerce in Singapore, with more than 9,000 European companies at present, Singapore continues to position itself as a strategic springboard into the larger ASEAN consumer base of 600 million.
The EU-Singapore FTA will now undergo the process of ratification by both the EU and Singapore , before its terms of agreement will come into effect.-VNA
Mr. Stefano Poli, President of the European Chamber of Commerce in Singapore, said in a press release that “As the EU’s first ‘green’ FTA and the first successful bilateral FTA between the EU and an ASEAN member state, the EU-Singapore FTA will no doubt set a reference point for the ongoing bilateral FTA negotiations between the EU and Malaysia, Thailand and Vietnam.”
He expressed his confidence that the EU-Singapore FTA will enhance the commercial and economic incentives for mutual trade and investment between Singapore and the Europe .
“It will also further establish Singapore as a strong, reliable gateway for the foray of European commercial ventures into the greater Asian market, given Singapore's existing infrastructure capabilities," Stefano added.
According to the European Chamber of Commerce in Singapore, with more than 9,000 European companies at present, Singapore continues to position itself as a strategic springboard into the larger ASEAN consumer base of 600 million.
The EU-Singapore FTA will now undergo the process of ratification by both the EU and Singapore , before its terms of agreement will come into effect.-VNA
