Eu-Singapore Agreement to Enter into Force on 21St November 2019

The European Union-Singapore Free Trade Agreement (EUSFTA) will finally come into force on 21st November 2019, after eight years of negotiations between the two parties. This agreement is expected to bring a range of benefits to both the European Union (EU) and Singapore.

One of the key benefits of the EUSFTA is the removal of trade barriers between the EU and Singapore. This means that businesses in both regions will have easier access to each other`s markets and will benefit from reduced tariffs on goods and services. The agreement also includes provisions to protect intellectual property rights, which is particularly important for businesses operating in the digital sector.

The EUSFTA is also expected to boost investment between the EU and Singapore. The agreement will provide greater legal certainty and protection for investors, which should encourage more businesses to invest in each other`s countries. This could lead to increased job creation and economic growth in both regions.

In addition to economic benefits, the EUSFTA includes provisions on labor and environmental standards. The agreement requires both the EU and Singapore to uphold their commitments to international labor and environmental conventions, which should help to ensure that the benefits of increased trade and investment are shared equally and sustainably.

Overall, the EUSFTA is a significant step forward in the relationship between the EU and Singapore. It is expected to bring economic benefits for businesses and consumers in both regions, while also promoting higher standards in labor and environmental protection. The agreement is a positive example of how international trade can be conducted in a mutually beneficial and sustainable way.