The European Union and Singapore have negotiated a Free Trade Agreement and an Investment Protection Agreement.
The agreements aim to:
- remove nearly all customs duties and get rid of overlapping bureaucracy;
- improve trade for goods like electronics, food products and pharmaceuticals;
- stimulate green growth, remove trade obstacles for green technology and create opportunities for environmental services, and;
- encourage EU companies to invest more in Singapore, and Singaporean companies to invest more in the EU.
The EU-Singapore trade and investment protection agreements were signed on 19 October 2018. The European Parliament gave its consent to the agreements on 13 February 2019.
EU Member States endorsed the trade agreement on 8 November 2019. It entered into force on 21 November 2019. The investment protection agreement will enter into force after it has been ratified by all EU Member States according to their own national procedures.
The European Union and Singapore have concluded a digital trade agreement on 25 July 2024. Negotiations were launched on 20 July 2023.
Digital trade refers to commerce enabled by electronic means – by telecommunications and/or ICT services – and covers trade in both goods and services. It affects all sectors of the economy and is highly important for European industry.
The goal of the future EU-Singapore digital trade agreement is to:
- build consumer trust;
- ensure predictability and legal certainty for businesses, and;
- remove and prevent the emergence of unjustified barriers to digital trade.
The agreement will preserve the ability of the EU and Singapore to develop and implement the policies required to address new challenges posed by the digital economy, including to protect privacy and personal data.