SINGAPORE - Despite the impact of Covid-19 on global trade, European Union imports from Singapore saw a 12 per cent increase in the first six months since the EU-Singapore Free Trade Agreement came into force.
However, EU exports to Singapore decreased by 16 per cent to 12.5 billion euros from December 2019 to May 2020, compared to the same period a year ago, due to the negative effect of Covid-19 on the trade in goods.The EU removed 84 per cent of all its tariffs for goods originating in Singapore, with additional tariff reductions for the remaining 16 per cent.
EU ambassador to Singapore Barbara Plinkert said that the expansion of imports in EU from Singapore demonstrates"a clear evidence of the benefits of the EUSFTA on tariff reduction and elimination for Singapore exports to the EU, despite the challenging conditions for international trade and supply chains since the outbreak of the current pandemic."
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