Singapore : Against the backdrop of rising protectionism and a raging trade war, two stout proponents of free trade have shown there is another way: a free flow of goods and services.
The European Union and Singapore signed the EU-Singapore Free Trade Agreement, which will boost services, improve market access, and see tariffs between both parties eliminated in five years.
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In signing the deal on Friday, Singapore’s Prime Minister Lee Hsien Loong, President of the European Council Donald Tusk and President of the European Commission Jean-Claude Juncker pledged to continue pushing for global free trade.
“The signature of the EU-Singapore agreements is a strong message by like-minded partners to defend and promote an international system based on rules, cooperation and multilateralism,” said Juncker.
Lee called the deal a high quality agreement that will significantly benefit companies from both parties.
The US and China are locked in a tit-for-tat trade war, with both sides slapping tariffs on hundreds of billion dollars’ worth of goods.
