Deutsche Welle, 16 December 2012
The
European Union and Singapore have agreed to terms on a free trade deal. The
move is expected to open up the Asian country's market for financial services
and European exports.
The EU agreed
to the deal with its Asian economic partner Sunday, EU Trade Commissioner Karel
De Gucht (pictured above) said.
"Singapore
is a dynamic market for EU entrepreneurs and an important wheel in driving
trade in south Asia," said De Gucht.
After
negotiations are completed by the European Commission, the EU executive, member
states and the European Parliament must approve the agreement before it can
take effect.
De Gucht
added he did not expect problems, saying he was hoping for finalization by the
end of next year.
Improved
financial access
The EU
hopes the agreement will provide better financial access to Singapore, one of
Asia's richest countries per capita.
Though
Singapore has a population of just 5 million, it is considered a gateway to the
600 million people in the fast-growing economies of the 10-member Association
of South East Asian Nations (ASEAN).
The deal
includes the remove non-tariff barriers such as the double testing of cars, as
Singapore starts to recognize EU standards, EU officials say.
The further
opening of the island country's banking and financial services sector, as well
as better access to its public procurement markets are also part of the
agreement.
De Gucht
said the move will open the way for further trade agreements with countries in
the ASEAN region.
The EU is
currently negotiating free trade agreements with Malaysia and Vietnam. A
similar deal with South Korea came into effect last year, and EU trade
ministers agreed in November to start negotiations for a deal with Japan.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.