Two agreements to facilitate cooperation and business activities between Singapore and the European Union (EU) were signed yesterday.
One is an administrative arrangement between Singapore and the European Commission on cluster cooperation and the other is a memorandum of understanding (MOU) between the Singapore Business Federation (SBF) and the European Chamber of Commerce in Singapore (EuroCham).
They were both inked at a hybrid actual/virtual event, with the physical signing taking place at InterContinental Singapore. The event marked the first anniversary of the EU-Singapore Free Trade Agreement (EUSFTA) coming into force.
The EUSFTA kicked in on Nov 21 last year.
The administrative agreement will provide a framework for facilitating cooperation and business activities between industry clusters in Singapore and the EU, the Ministry of Trade and Industry and the European Union Delegation in Singapore said in a joint release yesterday.
Activities under the framework include regular exchanges and business matchmaking events where Singapore and European business communities can connect and develop strategic partnerships.
Minister for Communications and Information S. Iswaran, who is also Minister-in-charge of Trade Relations, highlighted how bilateral trade between the EU and Singapore has held steady this year despite the economic and health challenges posed by the coronavirus pandemic, with the EUSFTA helping to cushion the impact.
"The EUSFTA is a prime example of a high-quality trade agreement which will bring about many tangible benefits to businesses, especially SMEs (small and medium-sized enterprises), to navigate the current global economic slowdown," he said.
Agreements like the EUSFTA and the new administrative agreement also open up new business opportunities for firms in priority sectors for Singapore and the EU, said Mr Iswaran.
The SBF and EuroCham have committed to deepening collaboration in the areas of sustainability, digitalisation, internationalisation and corporate social responsibility.
Mr Ho Meng Kit, chief executive officer of the SBF, said the MOU is reflective of the strong synergies between Singapore and European businesses and the trusted relationship between the two jurisdictions.
EuroCham president Federico Donato said: "Together, EuroCham and SBF will strengthen the nexus between European and Singaporean businesses, reinforcing national commitments to improve trade and investment relations between our countries."
© 2020 Singapore Press Holdings
This article was written by Yun Choo from The Straits Times and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.
