The European Union and Singapore have today signed three agreements, taking their political, trade, and investment relations to a new level. Together, they signify an important step towards increasing the EU’s presence in a fast-growing, important region.
The agreements signed today are the EU-Singapore Trade Agreement, the EU-Singapore Investment Protection Agreement and the Framework Agreement on Partnership and Cooperation.
“The signature of the EU-Singapore agreements is another strong message by like-minded partners to defend and promote an international system that is based on rules, on cooperation, and on multilateralism. The trade agreement will open up new opportunities for European producers, workers, farmers and consumers, mirroring what this Commission has delivered with other like-minded partners across the world, whilst our collective resolve to tackling global challenges will be strengthened through political dialogue,” said the President of the European Commission Jean-Claude Juncker.
EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission Federica Mogherini, said: “The European Union partners with Singapore not only for our growing economic links, but as a key player in the region and beyond. This Partnership and Cooperation Agreement will enable us to strengthen the joint work we are already doing, from countering climate change to tackling organised crime. Today’s significant step forward in our bilateral relations will have a positive impact on our citizens and on the regions beyond our borders.”
Cecilia Malmström, Commissioner for Trade, said: “These agreements with Singapore – our biggest trading partner in the region – are another landmark for the EU. As the first of such agreements between the EU and a member of the Association of Southeast Asian Nations, they will open up vast new opportunities for our exporters. These deals, as all our recent ones, go beyond economic considerations and demonstrate a strong commitment to promoting human and labour rights and to protecting the environment. In this difficult period on the world stage, we need strong allies such as Singapore in order to uphold the rules-based global trade system.”