The European Union and Singapore signed the free trade agreement that strengthens the economic and trade relations between Europe and one of the most dynamic emerging economies in Asia, creating new opportunities for internationalization for Italian companies.
Among the ASEAN (Association of South East Asian Nations) member countries, Singapore is the main partner of the European Union, with bilateral trade in goods, worth 53.3 billion euros in 2017. Services produce also relevant figures for a total of 44.4 billioneuros in 2016.
For over ten thousand European companies Singapore is the base for the entire Pacific region and is in first place in the ranking of European investments in Asia, with a very rapid growth in recent years . In 2016, the total.amount of bilateral investments reached 256 billion euro.
Market access.
European goods will have better access to the Singapore market by eliminating most of the existing tariffs. European safety standards and tests for the automotive and electronics industries and the labeling procedures for textiles are also forwarded. In customs matters, procedures have been simplified and speeded up.
Services.
Singapore opens its services market to European companies in the transport, telecommunications, postal and financial services sectors. Furthermore, the agreement establishes a framework for the mutual recognition of professional qualifications of lawyers, accountants, architects, engineers and other professions.
Public procurement.
European companies will have access to the Singapore public procurement market, whose annual value is around 20 billion euros.
Intellectual property.
Singapore will protect the intellectual property rights held by European companies. As far as geographical indications are concerned, 190 European products will obtain protection.