SINGAPORE, March 8 (Xinhua) -- Singapore and the European Union (EU) on Wednesday reiterated their commitment to realize the free trade agreement (FTA) between the two parties, according to a joint press release.
The EU Commissioner for Trade, Cecilia Malmström, who is on a two-day visit to Singapore said the European Commission looks forward to the entry into force of the EU-Singapore Free Trade Agreement (EUSFTA) in a time of rising protectionism in many parts of the world.
"Our trade agreement is a key element in the EU's pursuit to further strengthen our trade relations with Southeast Asia,"she said.
Lim Hng Kiang, Singapore's Minister for Trade and Industry(Trade) remarked that Singapore and the EU are longstanding partners who share a firm belief in free and open trade.
"The early ratification of the EUSFTA will demonstrate the EU's resolve as a key player in the global trading system and send a clear signal about the EU's commitment to step up its engagement of the region," Lim added.
The EUSFTA will provide greater access to each other's markets, including for services providers, investors and companies interested in public procurement, according to the statement.
In the meantime, the European Commission and Singapore are discussing ways to facilitate the approval process of the EUSFTA.
