European Parliament approves EU and Singapore trade and investment agreements
On 13 February 2019 the European Parliament approved trade (EU-Singapore Free Trade Agreement, “EUSFTA”) and investment (EU-Singapore Investment Protection Agreement, “EUSIPA”) agreements between the European Union and Singapore.
The EUSFTA will be the first free trade agreement between the EU and an ASEAN (Association of Southeast Asian Nations) country and will come into force after it is ratified by both parties. Under this agreement, Singapore will remove tariffs from all EU products entering Singapore, while the EU will remove tariffs from the majority of Singapore products entering the EU.
The EUSIPA will replace 12 bilateral investment treaties that exist between EU Members and Singapore. This agreement includes investment protection, as well as protecting the ‘EU's and Singapore's rights to regulate and pursue public policy objectives such as the protection of public health, safety and the environment.’