Eu Singapore Partnership Agreement

whereas EU-Singapore relations date back several decades and are based on a long history of friendship and close historical, political and economic relations; considering that the bilateral partnership is based on common values and a commitment to a peaceful and prosperous world, the EU-Singapore Trade and Investment Agreements were today approved by the European Parliament. Parliament has also given the green light to the Partnership and Cooperation Agreement. Once in force, the agreements will be the first element of a future trade and investment agreement between the EU and the whole of ASEAN, from one region to another. 4. The Parties agree that, for the purposes of the correct interpretation and application of this Agreement, the term `appropriate measures` in this Article means the suspension or non-compliance, for the time being, with the obligations arising from this Agreement or from a specific agreement referred to in Articles 9(2) and 43(3) or any other measure recommended by the Joint Committee. Appropriate measures shall be taken in accordance with international law and shall be proportionate to non-compliance with the obligations under this Convention. The Parties also agree that the notion of “special urgency” in paragraphs 1 and 2 means that, under the Trade Agreement, Singapore will remove all remaining tariffs on EU products and undertake to maintain the current duty-free access for all other EU products. The agreement also offers new opportunities for EU service providers, notably in sectors such as telecommunications, environmental services, engineering, data processing and maritime transport. It will also make the business environment more predictable. Singapore has also agreed to eliminate not only tariffs in key sectors, but also trade barriers, for example by recognising EU safety tests for cars and many electronic devices, or by accepting labels used by EU companies for textiles. 30.C is another signal that open, fair and rules-based global trade will remain here.¬†For the free trade agreement to enter into force, the EU (Parliament and Council) and Singapore must ratify the agreement.