Singapore to Sign Free Trade Agreement with the EU
Singapore is famed for its wealth with the highest percentage of millionaire households in the world. Singapore is also one of the major centres for offshore wealth due to its business environment and concentration of banks. It is also the largest trading partner for Europe in Southeast Asia. EU-Singapore trade in goods and services grew by around 40% between 2009 and 2011.
Singapore was removed from the OECD grey list and put onto the white list in 2009 and also ranks at the top of the transparency list for least corruption.
However it has been taking further steps to promote its international image. Singapore’s completed final negotiations for a Free Trade Agreement with the European Union in 16 December 2012 of which a draft agreement is expected in Spring 2013. Singapore is the first ASEAN (Association of South East Asian Nations) country with which the EU launched bilateral FTA negotiations. Key issues in the negotiations of the FTA included better access to services and procurement markets, tariffs, technical barriers to trade, the protection of intellectual property rights as well as trade and sustainable development.
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