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The agreement removes customs duties and bureaucracy that European firms face when exporting to Singapore. It also removes other trade obstacles and improves trade in key goods like electronics, food products and pharmaceuticals. The agreement also opens up Singapore’s market for EU services exports, for example in transport and telecoms.
Singapore imported approximately EUR 2.96 billion worth of electronic goods from the EU in 2020. These goods comprised: Electronic data processing and office equipment; Telecommunications equipment; and. Integrated circuits and electronic components. Trade in Electronics between the EU and Singapore. 2017. 2018. 2019. 2020.
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31 sty 2022 · It will in particular provide practical, hands-on insights into how the EU-Singapore Free Trade Agreement provisions on technical regulations and the Electronics Annex can help EU and Singapore companies generate and capture value.
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The EU and Singapore emphasise the importance and high economic value of their commitment in the EU-Singapore Free Trade Agreement that prohibits the imposition of customs duties on electronic transmissions and support a permanent ban on customs duties on electronic transmissions in the World Trade Organization.
