Photo Source: MTI
Amid the rise of protectionism, it is good news that the European Union – Singapore Free Trade Agreement (EUSFTA) was approved by the EU Council and will take effect on 21 Nov 2019.
The EUSFTA has come a long way with negotiations started in 2009. The EU is Singapore’s third-largest trading partner with trade in goods was more than S$114 billion and services trade at more than S$79 billions. On the other hand, Singapore is the EU’s biggest trading partner in goods and services within Southeast Asia. There are more than 10,000 European companies in Singapore.
With EUSFTA, Singapore businesses can enjoy better market access to a wide range of services sectors and more opportunities to bid for government projects in the EU.
All the more for Singapore companies, which are keen to expand businesses in the EU, to be GDPR ready.
News link:
ChannelNewsAsia https://www.channelnewsasia.com/news/business/eu-singapore-trade-deal-set-to-take-effect-on-nov-21-after-12077134
MTI Singapore https://www.mti.gov.sg/Improving-Trade/Free-Trade-Agreements/EUSFTA