The European Commission proposes the signature and the conclusion of the EU-Japan and EU-Singapore FTA
On Wednesday, the 18th of April the European Commission presented the texts of the Economic Partnership Agreement with Japan and the trade and investment agreements with Singapore to the Council. Once the Council will approve the texts of these two free trade agreements (FTAs) the agreements will be sent to the European Parliament, aiming for their entry into force before the end of the current mandate of the European Commission in 2019.
The EU-Japan FTA will remove the majority of customs duties that EU companies exporting to Japan have to pay, which account for €1 billion a year. One of the most important benefits of this agreement is also the elimination of a number of long-standing regulatory barriers, such as double testing and overlapping bureaucracy.
The EU-Singapore FTA is expected to generate substantial benefits for companies since Singapore is one the EU main trading partners. Over 10,000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific region. You may find at this link the text of the EU-Japan FTA and at this link the text of the EU-Singapore FTAs.
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Want to know more about the impact on import duties and how to benefit from the preferential treatment granted by these two FTAs? Do you wish to check the preferential rules of origin in these agreements applicable to your products, to know if you can benefit from the reduced rates of duties? Call us at +32(0) 15 46 08 46 or email us at firstname.lastname@example.org and we’ll be happy to discuss with you about any potential benefit for your business. Interested in our services? Check what we can do for you here.