Bloomberg News

Europe, Singapore in Final Stages of Free Trade Pact Negotiation

March 29, 2012

The European Union and Singapore are in the “final stages” of negotiations on a free trade agreement, said Marc Ungeheuer, ambassador and head of the delegation of the EU to the city state.

Foreign direct investment by the EU into Southeast Asia was 192 billion euros ($255 billion) in 2011, the European Chamber of Commerce said in a statement in Singapore today which included Ungeheuer’s comments. Trade between the two regions has increased 26.6 percent since 2006 to 161.6 billion euros, according to the group.

“With stagnating growth in Europe, Southeast Asia continues to offer strong potential for further economic growth and many businesses from Europe are exploring the opportunities offered by the region,” according to the statement. “Though Europe is currently facing challenges, its importance as an economic block and as a major source of technology and innovation exported to Southeast Asia, is still undisputed.”

Trade in goods between the EU and Singapore was 56.9 billion euros in 2010, it said.

To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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