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Trade talks

December 22, 2009

Free trade negotiations with the 10-nation bloc ASEAN broke down last March, but the EU hopes to gain ground by approaching member states individually, starting with Singapore.

Private residential buildings in the central region of Singapore.
The EU is to open negotiations with ASEAN member SingaporeImage: picture-alliance / dpa

The European Union and ASEAN member Singapore are set to open free trade negotiations after talks between the EU and ASEAN broke down.

Singapore's trade and industry minister, Lim Hng Kiang, called the agreement to open fresh talks a positive development and said it demonstrated the importance of Southeast Asia and the 10-nation Association of Southeast Asian Nations, known as ASEAN.

"This represents a milestone in Singapore's relationship with the EU, with whom we have robust and long-standing economic ties," he said in a statement.

Europe sees opportunity in Asian markets

Free trade talks between the EU and ASEAN had been going on for two years before ending last March due to lack of progress.

Now, instead of negotiating with the entire ASEAN bloc, the EU has called for free trade talks with individual ASEAN member states.

The EU is Singapore's largest trading partner, accounting for 39 billion euros ($56 billion) in the first 11 months of 2009, or 11.6 percent of its total trade. In 2008, Singapore was 15th on the list of the EU's largest trading partners.

Singapore already has free trade agreements with several partners, including the United States, Australia and Japan.

acb/dpa/AFP/AP
Editor: Chuck Penfold

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