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Singapore, EU initial text of partnership, cooperation agreement

The bilateral ties between Singapore and the European Union (EU) have taken an important step forward as both sides have initialled the text of the EU-Singapore Partnership and Cooperation Agreement (ESPCA).
The bilateral ties between Singapore and the European Union (EU) havetaken an important step forward as both sides have initialled the textof the EU-Singapore Partnership and Cooperation Agreement (ESPCA).

The agreement will strengthen the political dialogue between the twosides and establish the framework for cooperation in a wide range offields such as education, transport, energy, science and technology,coming into force once they complete all necessary procedures.

Earlier, both sides finished all legal documents related to the FreeTrade Agreement on September 20, taking a closer step to ratifying thedocument.

The agreements are expected to bring the Singapore-EU ties to a new height.

Singapore, the EU’s largest trader among Southeast Asiancountries, ranks second in term of the continent’s Asian investors whilethe union is Singapore’s biggest importer. Two-way goods exchangeincreases by around 40 percent between 2009 and 2011 and the trade inservices has grown by 41 percent in the same period.-VNA
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