Australia Free Trade Agreement With Germany

Singapore: The EU and Singapore signed a free trade agreement and an investment protection agreement at the ASEM Summit on 18-19 October 2018. The European Parliament approved both agreements in February 2019. Germany welcomes these agreements, as Singapore, despite its small size, is one of Germany`s main trading partners in the ASEAN region. The ratification of the free trade agreement was concluded by a Council decision on 8 November and the agreement entered into force on 21 November 2019.The investment protection agreement has yet to be signed by all EU Member States. The Investment Protection Agreement sets high and clear standards of investment protection, which respect the state`s right to regulate, and introduces a reformed dispute settlement procedure, along the lines of CETA. For more information on both agreements, please visit the European Commission`s website. On 15 February 22, 2017, the European Parliament approved the Comprehensive Economic and Trade Agreement (CETA). CETA eliminates most remaining tariffs and improves reciprocal market access for goods and services in the EU and Canada. Respect for common rules and the creation of open market access will help CETA parties to ensure and develop their prosperity. CETA not only creates better opportunities for European producers of industrial goods, agricultural products and services. It also reaffirms social and environmental standards and provides for a modern form of investment protection. CETA is a modern agreement that offers its parties a great opportunity to play an active role in globalization and to establish fair and robust rules for this process.

The high standards agreed between the EU and Canada will serve as a reference for future trade agreements. CETA has been provisionally applied since 21 September 2017. However, this only applies to chapters that fall within the exclusive competence of the EU. Following this provisional entry into force of the agreement, EU businesses and citizens have benefited directly from CETA since 21 September 2017. Canada removes all tariffs on 98% of all goods traded between the EU and Canada (as far as tariff lines are concerned). This will save EU businesses €590 million a year in customs duties. You will also have the best access to Canadian federal, provincial and local public sector markets, which has ever been granted to non-Canadian companies.

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