SINGAPORE: The negotiation outcomes of a free trade agreement between Singapore and the European Union have been presented to the European Council, a development hailed by the Ministry of Trade and Industry (MTI) on Friday (Apr 20) as an “important step” in the ratification process of the trade pact.It also demonstrated commitment by the European Commission to the early implementation of the European Union-Singapore free trade agreement (EUSFTA), which will benefit companies from EU and Singapore, added the spokesperson in response to Channel NewsAsia’s queries.“We welcome the news from the EU that the ratification of the EU-Singapore Free Trade Agreement is moving forward,” said MTI.The European Commission on Wednesday presented the negotiation outcomes for the trade and investment agreement with Singapore to the 28 EU member states. In a statement released by the EU delegation to Singapore, the move was described as a “key step” towards the signing and conclusion of the EUSFTA.The initialled agreement now needs to be approved by the Council of Ministers and ratified by the European Parliament. The aim is for the EUSFTA to come into force before the European Commission’s mandate ends in 2019, according to the statement.Given that the EUSFTA is the first deal between the EU… Read full this story
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