Today, EU Member States in the Council authorised the signature and conclusion of the trade and investment agreements between the EU and Singapore.
Commissioner for Trade Cecilia Malmström said: “I am very pleased that Member States have given their formal backing to these agreements. Opening new opportunities for European producers, farmers, service providers and investors is a key priority for this Commission. Singapore is an important gateway to the whole Asia-Pacific area, and it is vital that our companies can have a foothold there. These agreements also promote sustainable development, as they include ambitious commitments on the protection of the environment and labour rights and uphold the right to regulate. They are yet another example of the EU’s determination to work with like-minded countries to uphold rules-based international trade.” Today’s decision follows the proposal made in April of this year by the European Commission. EU and Singapore leaders will sign the agreements on 19 October in Brussels, on the margins of the Asia-Europe Meeting (ASEM). After signature, the European Parliament will vote on the agreements. Once approved by the European Parliament, the EU-Singapore Free Trade Agreement is expected to enter into force in 2019, before the end of the current mandate of the European Commission. The EU-Singapore Investment Protection Agreement will only enter into force following its ratification at EU Member States’ level. For more information, see adedicated website.