EU and Singapore, trade pact (By Sylodium Import-Export directory)

The European Union and Singapore announced that they have reached agreement on a free-trade deal. This is the second free-trade agreement struck by the EU in Asia; the first with South Korea came into force in July 2011.

This is also the first step towards closer economic ties between the two major integrated regions in the world, ASEAN and the EU, and their 1.1 billion citizens, the lead negotiators, Rupert Schlegelmilch and Keith Tan, said in a statement.

Despite being one of the smaller countries in the region, Singapore makes up about a third of all EU-ASEAN trade and more than 60 percent of all investment between the two regions. Trade in goods between the two topped €52 billion in 2012 and in services €28 billion in 2011.

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