SINGAPORE and the European Union (EU) have now concluded negotiations for the EU-Singapore free trade agreement (EUSFTA), after wrapping up discussions on investment protection, Singapore's Ministry of Trade and Industry (MTI) said on Friday.
Negotiations on the Investment Protection Chapter of the EUSFTA had started later, based on a new EU competence under the Lisbon Treaty. The chapter will now undergo legal scrubbing before the negotiations are finalised, signed and ratified.
MTI said that this particular chapter of the FTA "commits both the EU and Singapore to ensuring a stable and fair regime for foreign investors, while preserving the rights of the parties to regulate in the public's interest".
The FTA will provide the EU and Singapore with greater access to each other's markets, as services, investment and procurement markets are liberalised, and tariff and non-tariff barriers to trade are removed, MTI said.
Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products, in particular, are expected to benefit from the removal of the EU's tariffs, while EU exporters will gain duty-free access to Singapore's market for all products.