b) promoting social responsibility and corporate responsibility and promoting responsible business practices, including sustainable consumption and production. This cooperation is complemented by a consumer perspective, such as product information and the role of the consumer in the market; This is an important step towards its entry into force, strengthening the EU`s economic relations and cooperation with Singapore and strengthening its presence in the rapidly growing South-East Asia region. The CPA with Singapore is the fourth “second generation” agreement with individual ASEAN countries signed after the agreements with Indonesia, the Philippines and Vietnam. It will replace the current legal framework of the 1980 Cooperation Agreement between the European Economic Community and the Member States of the Association of Southeast Asian Nations. 12. Underlines the particular experience of the European Union over the years between institutions, the internal market, the convergence of legislation, crisis management, humanitarian aid and disaster relief, as well as human rights and democracy; stresses that the EU should intensify political dialogue and cooperation on issues such as fundamental rights and issues of common interest, including the rule of law, security and the protection of freedom of expression; The agreement is expected to be the first free trade agreement with a member of the Association of Southeast Asian Nations and the third with an Asian country after South Korea and Japan from the EU`s point of view. Singapore is the EU`s 14th largest trading partner. CONSIDERING that this agreement is part of a broader and more coherent relationship between them through agreements to which the two parties are parties together; The separate investment protection agreement must also be approved individually by each EU member state. The Partnership and Cooperation Agreement strengthens existing relations between the European Union and Singapore and builds on a common commitment to multilateralism and the rules-based international order.
This agreement will form the basis for more effective bilateral engagement between the EU and its Member States and Singapore, strengthening political dialogue and strengthening cooperation in a wide range of areas, including sustainable development, democracy and fundamental freedoms, justice, security, connectivity, intermediary links, information society, education and cultural exchanges , as well as employment and social affairs. It will enable us to intensify scientific and technological cooperation in areas such as energy, the environment, the fight against climate change, the protection of natural resources, smart cities and transport. It will improve cooperation on global challenges, in which Singapore and the EU play an increasingly important role, and help address them more coherently. In order to open up opportunities in emerging countries, Singapore also signed the Turkey-Singapore Free Trade Agreement (TRSFTA) in November 2015 and is currently negotiating a free trade agreement with the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.Back to Blog