JANICE HENG, FRI, NOV 08, 2019 – 8:40 PM – THE European Union-Singapore Free Trade Agreement (EUSFTA) has received final approval from the Council of the European Union, with the aim being for it to enter into force on Nov 21, 2019, Minister-in-charge of Trade Relations S Iswaran and European Commissioner-Designate for Trade Phil Hogan jointly announced at the EUSFTA Gala Dinner at the Grand Hyatt last night.
The Council adopted the decision to conclude the EUSFTA in Brussels, Belgium on Friday, marking the final stage in the EU’s internal approval process. Both sides will now complete their respective remaining administrative processes, with a view to enable the EUSFTA to enter into force on Nov 21.
This is the culmination of a nearly decade-long journey. Negotiations began in December 2009 and were concluded in October 2014.
Upon its entry into force, tariffs will be eliminated for all EU products entering Singapore, and 84 per cent of all Singapore exports to the EU. Tariffs on the remaining 16 per cent will be removed over a period of three to five years. These include selected meat and seafood produce, fruits, textiles, and consumer goods.
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