EU-Singapore free trade agreement comes into force
The landmark trade agreement between the European Union and Singapore removes nearly all Customs duties between the two jurisdictions
https://www.straitstimes.com/business/economy/eu-singapore-free-trade-agreement-comes-into-force
What the FTA means for Singapore
ELIMINATION OF TARIFFS
Around 84 per cent of Singapore exports, including food products, electronics and pharmaceuticals, will be allowed to enter the European Union duty-free.
Other products like textiles, selected meat and seafood produce will follow in the next three to five years.
STRONGER PROTECTION OF INTELLECTUAL PROPERTY RIGHTS
The free trade agreement provides 70 years of copyright protection. Singapore-based producers can collect broadcasting and public performance royalties for productions exported into the EU.
IMPROVED MARKET ACCESS TO SERVICE SECTORS
Local businesses have better market access to a wider range of sectors in the EU, such as telecommunications, transport and environmental services.
MORE OPPORTUNITIES IN GOVERNMENT PROCUREMENT
Singapore companies can bid for more government procurement projects in the EU, such as in railway, telecommunications and landscape architecture services.
LIBERAL, FLEXIBLE RULES OF ORIGIN FOR SINGAPORE EXPORTS
Key products originating here (either produced or processed) will be able to enter the EU tariff-free. Materials from Asean states will be deemed as originating from Singapore when incorporated into certain final products, enabling them to qualify for preferential tariff treatment.
REDUCTION OF TECHNICAL AND NON-TARIFF BARRIERS IN KEY SECTORS
Singapore exporters will have lower operational costs due to the reduction of duplicative testing and certification procedures in three sectors: electronics; pharmaceuticals and medical devices; and motor vehicles and vehicle parts.