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Agreement Eu Singapore

The European Union and Singapore announced today (16 December) that they have reached a free trade agreement 33 months after the start of formal negotiations. The agreement is expected to be the first free trade agreement with a member of the Association of Southeast Asian Nations and the third with an Asian country after South Korea and Japan from an EU perspective. Singapore is the EU`s 14th largest trading partner. According to an opinion of the Court of Justice of the European Union (ECJ) in Luxembourg, the original NAFTA was a so-called mixed agreement. The opinion was requested by the European Commission, which wanted to confirm whether the EU institutions alone were empowered to conclude the agreement without each member state being a party to the agreement. [8] The ECJ`s opinion led the European Commission to divide the agreement into a free trade agreement and an investment protection agreement. Today`s agreement means that Singapore, for example, recognises EU automotive standards as appropriate and that professional qualifications are accepted by both sides. The public procurement market is also open. On 19 October 2018, three agreements were signed between the parties, namely the EU-Singapore Trade Agreement, the EU-Singapore Investment Protection Agreement and the Framework Agreement on Partnership and Cooperation. [5] [6] The agreement was subsequently approved by the European Parliament on 13 February 2019.

[7] On 8 November 2019, it was announced that the agreement will enter into force on 21 November 2019. This comes after the approval of the agreement by the Council of the European Union. [1] The success of the talks was announced today, although the conditions for protecting European investments in Singapore have not yet been clarified. Since the entry into force of the Lisbon Treaty in 2009, the EU can negotiate investment protection provisions on behalf of the 27 Member States. The Commission hopes that the agreement will be concluded in the spring. Subsequently, the approval of the EU Member States and the European Parliament is required before the agreement can enter into force. The Commission hopes that the process will be completed by the end of 2013. The separate investment protection agreement must also be approved individually by each EU Member State. EU Member States today approved the EU-Singapore trade agreement.

The agreement will enter into force on 21 November. The Commission started discussions in the hope of a swift conclusion by the end of 2011, given that Singapore already had a number of free trade agreements – notably with the US, China, Japan and India – and that it is a port of freedom with relatively low tariffs and regulatory barriers. Bilateral trade and investment negotiations with Singapore began in 2010 and ended in 2017. The agreements with Singapore are the first to be concluded between the EU and a South-East Asian country and are stepping stones for increased engagement between the EU and the region. The European Parliament approved the agreements on 13 February 2019. EU Member States approved the trade agreement on 8 November 2019. . . .

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