Singapore: Singapore has successfully concluded talks on a landmark free trade agreement (FTA) with the European Union (EU) today, a deal which will offer companies from both parties better access to each other's markets.

The Republic is the first country in South-east Asia to clinch an FTA with the EU.

The agreement will see the EU eliminating tariffs on all imports from Singapore over five years. A total of 80 per cent of tariff lines will be covered upon entry into force of the agreement.

Singapore exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU's tariffs. Singapore will grant immediate duty-free access for all imports from the EU.

-- Courtesy of The Straits Times