After years of negotiations and delays after the EU insisted on reopening negotiations after agreement had been reached in 2014, the long-awaited trade deal between the EU and Singapore has finally received the green light by the European Parliament.

After years of negotiations and delays after the EU insisted on reopening negotiations after agreement had been reached in 2014, the long-awaited trade deal between the EU and Singapore has finally received the green light by the European Parliament.

The EU will eliminate tariffs on all imports from Singapore over a period of five years. Singapore will grant immediate duty-free access for all imports from the EU. The deal will also see the removal of a number of non-tariff measures between the EU and Singapore, improving access for exporters of pharmaceuticals and electronics.

Syed Kamall, co-Chairman of the ECR Group who was previously the lead MEP for the parliament on EU-Singapore team, said the deal means a host of new business opportunities for European companies. More than 10,000 EU businesses have their regional offices there, and 50,000 EU companies already export to Singapore.

Dr Kamall said: “Today’s Singapore is a vibrant hub of transport, logistics and tech businesses. It is a gateway to the dynamically growing southeast Asia region and removing the trade barriers will give the much-needed impetus to both our economies.”

“While I am pleased we have finally passed this deal, it should really have been agreed in 2014. I want to thank the Singaporeans for their patience when in 2014 the EU insisted on re-opening negotiations after both parties had initialled a deal. Let us hope that the EU does not act in such bad faith for future trade agreements.”