The European Union (EU) and Singapore will begin negotiations on a free trade agreement (FTA) this month in Singapore, according to its Ministry of Trade and Industry, after Singapore’s Trade Minister Lim Hng Kiang and EU Trade Commissioner Karel De Gucht met.
“The proposed free-trade agreement will strengthen economic ties between Singapore and the EU, provide new opportunities for traders and consumers alike, and contribute to generating growth in our economies,” said Gucht.
Lim added that the FTA is a major undertaking considering the EU is Singapore’s largest trading partner and foreign investor. “Singapore looks forward to working closely with the EU to develop an ambitious agreement that will benefit businesses from both sides,” he said.
The 27-nation bloc will no doubt hope to use the FTA with Singapore as a gateway to the 10 members of the Association of South East Asian Nations.
