Brussels, 15/07/2011 (Agence Europe) - After seven rounds of talks since they were first launched in March 2010, negotiations for a bilateral free trade agreement between the EU and Singapore are progressing well, the city-state's minister for trade, Lim Hng Kiang, was pleased to state after a meeting with Commissioner Karel De Gucht, who was on visit to the south east-Asian island on Friday 15 July. Discussions focused on access to the market of goods and services, the protection of intellectual property and rules of origin. Both men agreed that progress made to date has been satisfactory. They undertook to step up work on outstanding issues, and hope to conclude talks by the end of the year.
Bilateral trade between the EU and Singapore amounted to €42.6 billion in 2010 for goods and to €18.4 billion for services, to the benefit of the EU27 which notched up a surplus balance. Bilateral foreign direct investment was around €150 billion. Singapore is by far the main trading partner of the EU within the ASEAN bloc. European companies in many sectors, from pharmaceuticals to finance and green technology, use Singapore as a platform for their trade in the region. For many EU exporters, Singapore is thus a bridge for access to a market of around 600 million consumers, a market that is enjoying huge growth. (E.H./transl.jl)