Eu-Singapore Free Trade Agreement (Fta)

In addition, trade in agricultural commodities is covered by three bilateral agreements on basic agricultural products negotiated between the state of EFTA concerned (Iceland, Norway and Switzerland/Liechtenstein) and Singapore. According to the declaration, the region`s beer exports to Singapore have increased by 20% since the start of the free trade agreement. 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] On 16 May 2017, the European Court of Justice (Court of Justice) gave its opinion on the competence of the European Union to conclude the free trade agreement with Singapore. The opinion recognises the exclusive competence of the EU for most of the agreement and has largely resolved a long-running dispute between the Commission and Member States over the distribution of powers under the Lisbon Treaty. EU Ambassador to Singapore Barbara Plinkert said the increase in EU imports from Singapore “clearly demonstrates the benefits of EESCE in reducing and eliminating Singapore`s exports to the EU, despite the difficult conditions of international trade and supply chains since the onset of the current pandemic.” The agreement has a global scope, including trade in products (industrial products, processed agricultural products, fish and seafood), trade in services, investment, protection of intellectual property rights, public procurement and competition. Bilateral agreements on basic agricultural products between the different EFTA countries and Singapore are also part of the instruments for creating the free trade area. The EEA gives Singapore and EU companies preferential access to trade in goods, services and government procurement in each other`s markets. 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.

In an opinion dated 21 December 2016, the EU`s Advocate General, Eleanor Sharpston, QC, concluded that the EU-Singapore Free Trade Agreement (EUSFTA) was a step away from the European Union and the joint Member States, namely.