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SINGAPORE, June 8 (Bernama) — The EU-Singapore Free Trade Agreement (FTA) discussions is anticipated to conclude over the next few months and will come into effect by the second-half of 2012, says Chief European Union Negotiator Rupert Schlegelmilch.
He said the agreement would be the most comprehensive and advance for both parties.
"We are close to finish. (However), we are still discussing a broad range of issues which include the rule of origin, procurement, technical norms and others.
"In all the chapters, we are very advanced," said Schlegelmilch at a media briefing here today.
Schlegelmilch said the EU was also negotiating trade agreements with India and Malaysia and have gone into advanced talks with Indonesia, Philippines, Vietnam and Thailand.
He said the EU was also preparing to begin talks with Japan.
Experts believe when the FTA with Singapore is in place it will immensely boost the flow of trade, investment and ideas between the city state and the European trade bloc.
Earlier, Head of Delegation of the European Union and EU Ambassador to Singapore, Marc Ungeheuer said EU-Singapore trade was growing rapidly and would continue to grow.
The EU was Singapore’s second largest trading parner in 2010 with a share of 11 per cent of the republic’s total trade.
June 8th, 2011
Source: Bernama.com
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