Green free trade between Singapore and EU proposed
Singapore looks set to be the first country to have a Free Trade Agreement (FTA) with the European Union (EU), that promotes the green technology sector. In 2010 bilateral trade between the two hit SGD76.9 billion (USD62.5 billion).
Six key chapters being negotiated include the usual lower tariffs, closer work on services like finance and banking and opening up government procurement tenders. The proposal to liberalize the green technology sector - with management of water resources and energy efficiency being specifically mentioned - is breaks new ground.
Chief EU negotiator Rupert Schlegelmilch told Channel News Asia that: "We are trying in this FTA to make a special effort to improve trade rules for the goods and services of the future, which are green technology, energy creation, sustainable production. This is also a first which we'll try to do here. Let's see how far we can work on that."
The aim is to have a full agreement signed by the end of the year.