EU-Singapore FTA needs business action to make it a success

WITH the European Union-Singapore Free Trade Agreement (EUSFTA) entering into force on Thursday, Nov 21, the race is on for Singapore businesses to convert this trade pact into commercial advantage.

And it couldn't come at a better time given the extent that Singapore's open and trade-focused economy has been feeling the effects of global uncertainty in 2019.

We're seeing the subdued conditions in the trade and economic data over the past few quarters and we're also seeing it anecdotally. HSBC's annual Navigator trade confidence survey (launched in November) revealed only 65 per cent of Singapore businesses expect sales to grow in the next 12 months - considerably lower than counterparts globally.