The EU and Singapore agreement was signed during last week’s Asia-Europe summit and contains the liberalisation principles of international maritime transport services.
The EU-Singapore trade and investment agreements are the first trade and investment agreements signed between the EU and a member state of the Association of Southeast Asian Nations (ASEAN). In addition, last week the European Commission adopted the EU-Vietnam trade and investment agreements and presented them to the Council for its approval. ECSA also welcomed this development as Vietnam is an important partner for the shipping sector, as it is EU's second largest ASEAN trading partner.
Now, European shipowners expect the quick ratification by the European Parliament of the EU-Singapore agreement so it can enter into force before the end of the current mandate of the European Commission in 2019. ECSA also called the Council to approve the EU-Vietnam agreement.
ECSA’s Secretary General Martin Dorsman stated:
Shipping needs global trade to exist and global trade cannot exist without an efficient shipping industry. Southeast Asia is a key partner for European shipping companies with Singapore being the EU's largest ASEAN partner, accounting for almost one third of EU-ASEAN trade in goods and services.