Netherlands, Singapore discuss free trade agreement

SINGAPORE – In December 2012, after three years or negotiations, Singapore and the European Union concluded the EU-Singapore Free Trade Agreement (EUSFTA), giving companies from these countries greater access to each other's markets.

Singapore is the first country in Southeast Asia to clinch an FTA with the EU, marking a key milestone in the economic partnership between Singapore and EU countries. Last year, the EU was Singapore's second largest trading partner with an 11% share of Singapore's total trade, whilst Singapore was the EU's 13th largest trading partner as bilateral trade hit $106 billion in 2011, up 7% from 2010.

Under the Agreement, the EU will eliminate tariffs on all imports from Singapore over a period of five years; specifically, the removal of the EU's tariffs under the EUSFTA will benefit Singapore exporters of processed food products, pharmaceuticals, chemicals and electronics. Singapore will grant immediate duty-free access for all imports from the EU.  

As Singapore and the EU move towards formalising the Agreement, the Singapore Business

Federation (SBF) and the Netherlands Foreign Investment Agency (NFIA) held a joint dialogue session, ‘Netherlands: Launchpad to the EU-Singapore Free Trade Agreement’, at the Goodwood Park Hotel, Singapore. Aimed at the targeted sectors, the session presented the opportunity to share information on the latest economic assessment of the benefits that the Agreement will bring to Singapore companies doing business in the Netherlands, with an eye on the European market.

His Excellency, Johannes Jansing, ambassador to the Kingdom of the Netherlands said, “The Netherlands and Singapore are well supported by an excellent financial infrastructure, and pro-

business environment and once the EUSFTA comes into force, companies from both Singapore and Womens Running Shoes