Member States in the EU’s Council have authorised the signature and conclusion of the trade and investment agreements between the Union and Singapore.
Commissioner for Trade Cecilia Malmström said: “I am very pleased that Member States have given their formal backing to these agreements, paving the way for their signature on 19 October.”
Opening new opportunities for European producers, farmers, service providers and investors is a key priority for the Commission, she went on.
These deals do that, and more, the Commissioner insisted, given that Singapore is an important gateway to the whole Asia-Pacific area.
The agreements also promote sustainable development, as they include ambitious commitments on the protection of the environment and labour rights and uphold the right to regulate.
They are, Commissioner Malmström said, another example of the EU’s determination to work with like-minded countries to uphold rules-based international trade.
The Council decision follows the proposal made in April of this year by the European Commission. EU and Singapore leaders will now sign the agreements during the current Asia-Europe Meeting (ASEM).
After signature, the European Parliament will vote on the agreements. Once it gives its approval (expected to be a formality), the EU-Singapore Free Trade Agreement (FTA) is expected to enter into force in 2019, before the end of the current mandate of the European Commission.
The EU-Singapore Investment Protection Agreement will only enter into force following its ratification at EU Member State level.
