The free trade agreement between the EU and Singapore will officially come into force this Thursday. The agreement aims to eliminate almost all tariffs between the two sides within the next few years. A more controversial second part of the agreement, which sets investor protection rules, will not yet enter into force, as it would first have to be ratified in the EU states.
After years of preparation, the EU and Singapore had concluded a joint agreement in 2018. EU Commission President Jean-Claude Juncker, Council President Donald Tusk, Singapore's Prime Minister Lee Hsien Loong and Austria's Chancellor Sebastian Kurz, whose country held the EU Presidency at the time, signed the treaty on the abolition of tariffs and other trade barriers at a Europe-Asia summit in Brussels.
According to the EU Commission, Singapore is the bloc’s 14th largest trading partner. Most recently, the trade between the two sides amounted to around 53 billion euros per year.
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