Companies Should Closely Examine EU-Singapore FTA to Reap All Benefits, Law Firm Says
The European Union-Singapore free trade deal offers wide-ranging benefits for companies, although some businesses may only be aware of the deal’s reduced and eliminated tariffs, according to a Nov. 21 alert from PricewaterhouseCoopers. While the agreement (see 1911080069) does present “significant tariff reduction,” it also removed a range of non-tariff barriers; offers greater market access in electronics, environmental and computing sectors; and provides greater intellectual property protection and access to government contracts.
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Many companies are “only aware of the liberalization of trade in goods,” PricewaterhouseCoopers said. The law firm urged companies to review the updated deal, which could contain hidden benefits. “The message is simple: there is no easy summary that substitutes the value of analyzing the agreement in detail with your particular company in mind,” the law firm said. “Companies that do their homework should find valuable cost saving and growth opportunities.”
The European Commission highlighted some benefits of the deal in a Nov. 20 press release, including provisions on geographical indications, the reduction in regulatory obstacles and more. The agreement “will boost trade, benefiting companies, farmers, workers and consumers on both sides,” Trade Commissioner Cecilia Malmstrom said, adding that it will “become a gateway to the fast-growing Southeast-Asian region.”