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The EP approves the trade agreement with Singapore that guarantees the protection of olive oil

The EP approves the trade agreement with Singapore that guarantees the protection of olive oil

2019/15/02 - The European Parliament (EP) approved on February 13 the free trade and investment protection agreements between the European Union (EU) and Singapore. This trade agreement will eliminate practically all tariffs between both parties within five years and liberalizes the exchange of services, including retail banking, but guarantees the protection of unique products, including olive oil.

Trade Committee MEPs emphasised that since this is the first bilateral trade agreement between the EU and a member of the Association of Southeast Asian Nations (ASEAN), the deal can serve as a stepping stone to future free trade deals between the two regions, at a time when the EU can no longer rely on the US as a trading partner.

In addition, it opens the market of public procurement in Singapore to European companies.

The text also includes guarantees on labor rights and protection of the environment, an element of special importance for the EP.

The EU and Singapore signed the trade and investment agreements on October 19, 2018. After the vote on February 13, the trade agreement could enter into force once Singapore has concluded its own internal procedures and both parties complete the formalities endings.

It is the first bilateral trade agreement between the EU and a member of the Association of Southeast Asian Nations (ASEAN) and may serve as a model for other treaties with countries in the region. This is key at a time when Europe can not trust the United States as a trading partner, according to the parliamentary resolution that accompanies the agreement.

A study of ICEX Spain Export and Investment highlights that the Singaporean market of olive oil is of special interest for olive oil companies, since the degree of dependence on imports is 100% of consumption, as there is no own production of the country.

Spain and Italy lead imports of Singaporean olive oil over the past five years, reaching a joint import quota of over 80% between the two countries.

This organism hopes that the future projections of the olive oil market will be positive and due to its intrinsic characteristics, since it is understood as a healthy and natural product, it will continue to attract an ever wider public.

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