EU-Singapore Trade Text Released, to Apply Around End-2014

The European Union and Singapore approved the legal text of their planned free-trade agreement, keeping it on course to take effect around the end of 2014.

Trade representatives for both sides signed off on the final 1,000-page accord under which the EU will eliminate “virtually all” tariffs on imports from Singapore over five years and the Asian nation will end duties on the few remaining goods such as beer from the 28-nation bloc that aren’t already duty-free. EU duties on petrochemicals and pharmaceuticals from Singapore are among the levies to be scrapped.