SINGAPORE - Local companies' collaborations with firms in the European Union can be smoother in the long term, with the landmark trade pact between the EU and Singapore which came into force last November providing key foundations such as simplifying and standardising customs procedures.
She said having standardised and harmonised regulations helps the two jurisdictions better collaborate and transfer products such as medical devices and diagnostic products which are highly regulated. The bilateral trade between Germany and Singapore was about 14.6 billion euros in 2018. Germany is Singapore's largest trading partner in the EU and the Republic is Germany's largest trading partner in South-east Asia.
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