Singapore Opening Its Markets To EU

17 Dec 2012

Singapore is opening up its financial, banking and public procurement markets to the European Union by signing an agreement very likely in the New Year.

Singapore is the second largest trade partner of the EU after its neighbor Malaysia.

“We have finalized the negotiations, and I'm very pleased with the result,” EU trade commissioner Karel de Gucht told Reuters news agency from Singapore.

Now that the negotiations have been completed by the European Commission, the EU executive, member states and European parliament in Brussels have to endorse the decision for it to come into force.

Although there have been cases of EU rejecting such negotiations after completion, Mr de Gucht sees no reason for any such roadblock in Singapore's case because the deal will benefit the EU, especially in regard to the sale European cars in Singapore and beyond. Not only that, Singapore is the gateway to 600 million people in the ASEAN region.

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