Trade talks
December 22, 2009
The European Union and ASEAN member Singapore are set to open free trade negotiations after talks between the EU and ASEAN broke down.
Singapore's trade and industry minister, Lim Hng Kiang, called the agreement to open fresh talks a positive development and said it demonstrated the importance of Southeast Asia and the 10-nation Association of Southeast Asian Nations, known as ASEAN.
"This represents a milestone in Singapore's relationship with the EU, with whom we have robust and long-standing economic ties," he said in a statement.
Europe sees opportunity in Asian markets
Free trade talks between the EU and ASEAN had been going on for two years before ending last March due to lack of progress.
Now, instead of negotiating with the entire ASEAN bloc, the EU has called for free trade talks with individual ASEAN member states.
The EU is Singapore's largest trading partner, accounting for 39 billion euros ($56 billion) in the first 11 months of 2009, or 11.6 percent of its total trade. In 2008, Singapore was 15th on the list of the EU's largest trading partners.
Singapore already has free trade agreements with several partners, including the United States, Australia and Japan.
acb/dpa/AFP/AP
Editor: Chuck Penfold