SBF welcomes the entry into force of the European Union-Singapore Free Trade Agreement (EUSFTA) on November 21, 2019
Friday, 8 November 2019 [Singapore] – At the EU-Singapore Free Trade Agreement (EUSFTA) Gala Dinner today, the EU Commissioner for Agriculture and Rural Development and Commissioner-Designate for Trade, Mr Phil Hogan, and Minister for Communications and Information and the Minister-in-charge of Trade Relations, Minister S. Iswaran, announced that the EUSFTA will enter into force on November 21 2019. SBF welcomes this piece of good news, which bears testament to both parties’ mutual belief for free and open trade.
The EU is Singapore’s 3rd largest trading partner and the world’s largest single market. The agreement will provide Singapore companies with greater market access and business opportunities to all EU member states1. Based on the details of the agreement2, domestic exporters of electronics, pharmaceuticals, chemicals and processed food products are well-placed to benefit from the reduction in traditional trade barriers and non-tariff barriers.
More notably, the EUSFTA marks the first bilateral FTA where Asian food products made in Singapore can enter the EU tariff-free under specialised rules of origin, up to a combined quota of 1,250 tonnes annually. Singapore companies in computer services and landscape architecture services can also bid for more government procurement projects in the EU, as the value threshold of contracts subject to open tendering will be lowered under the agreement.
Mr Ho Meng Kit, SBF CEO, said, “This is another win for our business community, especially for companies who are already doing business in the EU market or thinking of expanding there. I hope that Singapore-based companies will make full use of the EUSFTA when it comes into force, to gain competitive advantage for their goods and services.
“SBF has been working very closely with the Ministry of Trade and Industry, Enterprise Singapore, the EU Delegation in Singapore and the European Chamber of Commerce (Singapore) to organise events to raise awareness on the benefits of the EUSFTA.”
SBF organised two outreach events on the EUSFTA in 2018 and another earlier this year. Businesses interested to find out more about the EUSFTA and how to use it are encouraged to attend our upcoming EUSFTA outreach seminar on 4 Feb 2020.
Companies interested in the the upcoming EUSFTA seminar can contact SBF’s FTA Education and Outreach team at .
1 Member states of EU: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
2 Source: MTI website here.