20 Nov 2019
EU-Singapore Free Trade Agreement (EUSFTA) – Remarks by PM Lee Hsien Loong
The EU-Singapore Free Trade Agreement (EUSFTA) comes into force tomorrow on 21 November, almost a decade after negotiations began.
Launched amidst the 2008-2009 Global Financial Crisis, and coming into force in today’s uncertain global economy, the EUSFTA signals the EU and Singapore’s shared conviction that open and global rules-based trade is the path to growth and prosperity.
The EUSFTA enhances market access for our businesses into the EU markets. Companies big and small, including SMEs, will benefit from tariff elimination, reduced technical barriers to trade, and increased access to services and procurement markets.
The agreement is an important addition to Singapore’s extensive network of FTAs, which has enabled our businesses to capitalise on opportunities in diverse markets. We hope it will lead eventually to an EU-ASEAN FTA, enhancing region-to-region connectivity between the EU — the world’s largest single market, and ASEAN — the fourth largest economic bloc, by 2030.
Well done to the many officials and staff that laboured long and hard to make this day happen! – Lee Hsien Loong
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