Despite the effects of the Covid-19 pandemic on international trade flows, EU imports from Singapore increased by 12% in the first six months of the entry into force of the EU-Singapore Free Trade Agreement (EUSFTA).
The increase of imports from Singapore has been particularly significant for organic chemicals and pharmaceutical products, the two main product categories imported into the EU from the city-state, which expanded by 65% and 23% respectively. EU exports to Singapore decreased by 16% compared to the same period a year earlier, as a result of the negative effects of Covid-19 on trade in goods.
European Union Ambassador to Singapore Barbara Plinkert calls the expansion of imports from Singapore “a clear evidence of the benefits of the EUSFTA on tariff reduction and elimination for Singapore exports to the EU, despite the challenging conditions for international trade and supply chains since the outbreak of the current pandemic.”
More here: media_release_eusg_trade_post_eusfta.pdf
Deepika Shetty, Press Officer, European Union Delegation to Singapore
Early signs of positive impact of EU-Singapore Free Trade Agreement
EU imports from Singapore increased by 12% in the first six months of entry into force of the EUSFTA despite Covid-19.
On Thursday, 6th August 2020, EUDS issued a media release highlighting the positive impact of the EU-Singapore Free Trade Agreement. At a time when the news is dominated by the significant negative impact of Covid-19, the upward trade trajectory - coming just six months after the entry into force of the EUSFTA - generated significant interest in Singapore’s mainstream media.
The news received prominent coverage in the region’s leading daily, The Straits Times. EU Ambassador to Singapore Barbara Plinkert did two exclusive full-length interviews with leading television network, Channel NewsAsia and radio network Money FM89.3. The story got excellent traction on social media as well. This timely coverage increased the visibility of the EUSFTA and put attention on the overall EU-Singapore economic, trade and political relations.
Tune into the radio interview: https://bit.ly/2FDyrLx
Read the full media report: media_report_eusg_trade_eusfta.pdf