Recently, the European Parliament approved the EU Singapore Free Trade Agreement (eu-fta), the EU Singapore Investment Protection Agreement (eusipa) and the EU Singapore partnership and cooperation agreement (espca). After the formal implementation of the new agreement, Singapore will cancel the customs duties on all EU products entering the Singapore market, and the sales tax in Asia is expected to reach 1.3 billion US dollars. The EU will also cancel the tariffs on 84% of Singapore's products entering the EU market in * and the tariffs on the remaining products will be cancelled in the next 3-5 years. This will encourage the import and export trade between other countries and regions in the Asia Pacific and Europe in the field of chemical industry, and it is also a rare opportunity for Singapore and Canada to achieve efficient and stable transmission slope at the same time
Singapore * Lee Hsien Loong said that the signing of the agreement between Singapore and the European Union would once again inspire other forces in the entire Eurasian region. President Juncker of the European Commission also said that the EU and Singapore signed the agreement as like-minded partners to jointly safeguard and promote the global free trade system, cooperation and the international order based on multilateralism. At the same time, the trade agreement will also bring new opportunities for workers, farmers and consumers in Europe
many varieties of * exported from Singapore to the EU market are organic compounds. In 2017, the export volume reached 4.62 billion euros, accounting for 23% of Singapore's total exports to the EU that year. The second largest export commodity is medicine, In 2017, the export volume was 3billion euro "in hindsight, accounting for 13.8% of the total export volume. According to the agreement, both sides will provide free and flexible rules of origin (roo) for major export products to each other's market. From this perspective, Singapore's exports of chemicals to the EU will surely usher in an upward period in the future.
however, despite the agreement Escort, but Singapore also has shortcomings. Although Europe still has a polymer trade deficit, Singapore's Polyethylene (PE) and polypropylene (PP) may not be able to compete with the United States. Affected by the recent substantial expansion of capacity, the load of American P in the hydraulic universal testing machine can be shown by the oil pressure of hydraulic oil, e supply is greatly oversupplied. In addition, Singapore, a city-state, will also face competition from the Middle East. Due to its proximity to the European Union, the freight rates in the United States and the Middle East are low. Considering the freight rates, it will be a difficult task for Singapore to compete with the United States and the Middle East in terms of competitive imported goods
fortunately, PP still has some hope. Because the United States did not carry out large-scale expansion. The Middle East is one of the most powerful supply areas in Europe. Southeast Asia is also exporting PP to Europe, but Singapore's own exports are not much. Taking the trade data in January as an example, Singapore exported 96751 tons of PP copolymer, of which only 6393 tons were exported to Europe (including the UK), less than 7%. This opened the door for Singapore to further increase its export to EU PP after the signing of the trade agreement
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