S'PORE AND EU AGREE TO NEGOTIATE FOR FTA

By Zakaria Abdul Wahab

SINGAPORE, Dec 23 (Bernama) -- Singapore and the European Union (EU) have
agreed to start negotiations for a free trade agreement (FTA).

The city-state’s Trade and Industry Ministry said Tuesday this represented a
milestone in Singapore’s relationship with the EU, with whom it had robust and
long-standing economic ties.

An FTA with the EU will be a key addition to Singapore’s network of FTAs as
the EU is Singapore’s largest trading partner.

Between January and last month, Singapore’s total trade with the EU
stood at S$78.6 billion, accounting for 11.6 per cent of the island republic’s
total trade.

The EU is also Singapore’s largest investor. In 2007, the EU invested
S$150.8 billion in the city-state.

In 2008, Singapore was the EU’s 15th largest trading partner globally, and
EU-Singapore trade accounted for a third of EU-Asean trade, making the republic
EU’s largest trading partner among Asean member states.

-– BERNAMA