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Business and Trade Today's global and growing market for exports has changed the ways how traders, investors, small and medium-sized enterprises SMEs compete for and do business. Media Contact: Email: media arvigortrading. Export Market. Oct 11, , ET. The initial meeting last month, however, made little progress. German manufacturers also face uncertainty with the new deal, because it requires approval from legislatures in the US, Canada and Mexico.
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With the US' midterm elections next month, it will likely be before Congress can take up the issue. The result could depend on whether Republicans retain control in both houses. Till Hoppe is a Brussels correspondent for Handelsblatt.
Darrell Delamaide adapted this story into English for Handelsblatt Global. Politics Companies Finance Opinion About us. Exactly what Donald Trump wants: production in South Carolina. This is the second free-trade agreement struck by the EU in Asia; the first — with South Korea — came into force in July The European Commission is currently negotiating trade terms with two other members of Asean — Malaysia and Vietnam — and hopes that a bloc-to-bloc deal may eventually emerge.
The Commission entered the talks hopeful of reaching a swift conclusion by the end of , as Singapore already had a range of free-trade agreements — including with the US, China, Japan and India — and is a free port with relatively low tariffs and regulatory barriers.
Singapore was concerned about the rights of non-European companies that have secured trademarks for products bearing the same designation. The European Commission says that Singapore has agreed to create a new register for regionally specific and recognised foodstuffs, wines and spirits.
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The Commission expects companies in the electronics, pharmaceuticals, chemicals, and processed food sectors to benefit particularly from the removal of tariffs. The market for government contracts will also be opened up.
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The Commission believes that the scope of the liberalisation of services sets a new benchmark for the EU. Success in the talks was announced today even though the terms of protection for European investments in Singapore have yet to be settled. The EU has since the Lisbon treaty came into force in been able to negotiate on investment-protection provisions on behalf of all 27 member states.
The Commission says that it hopes that the agreement will be initalled in the spring. The Commission would like to see the process completed by the end of The timeline for implementation of the agreement would differ for both sides: for example, Singapore would lift import tariffs immediately, while the EU would have five years.
The Commission hopes to complete another agreement — with Canada — before the end of the year.
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However, it is struggling to make headway in talks with India, which began in In November, it secured a mandate to start talks on what would be the largest EU trade deal yet, with Japan. Log in to access content and manage your profile. If you do not have a login you can register here.