Singapore is the world’s second largest port for seaborne container handling, with a total of 36.6 million TEUs transported in 2018, following Sanghai. Its operation as an important trading hub is vital to the wider region of fast-growing Southeast Asia.
The EU-Singapore Agreement, which entered into force on 21 November 2019, is expected to bring new impetus to relations between the two countries, according to which Singapore removes all customs duties on products produced by the countries-EU members and effectively reduces any bureaucratic issues identified. In addition, the agreement provides new opportunities for European service providers, as it gives them the right to participate in competitions in Singapore, notably in the fields of telecommunications, environment, information systems and maritime transport.
The implementation of the provisions is expected to add additional flows to the already developed maritime trade between the countries -EU members parties of the agreement and benefit both the major European ports and the national economies of EU members.
Stonenews.eu had recently published statistics about EU’s marble exports to Singapore for the last 5 years. You can read the related article here.
Source: www.naftikachronika.gr
