Hanoi (VNA) – EU lawmakersapproved a free trade agreement (FTA) with Singapore on February 13.
About two-thirds of the EuropeanParliament's members voted in favour of the FTA, which could become effective inmonths, as well as a related agreement on how to settle disputes betweenforeign investors and states.
The pact has been nine years in the making.Negotiations ended in 2014, but as protests mounted against other trade accords,it ended up being sent to the European Court of Justice for review. The courtruling resulted in the accord being split in two: the free trade part and theseparate investment-protection deal, which will still need ratification fromnational parliaments.
The free trade pact will follow a deal theEU launched at the start of February with Japan and will be the EU's first witha member of the 10-country Association of Southeast Asian Nations (ASEAN).
The EU, which also has a deal with theRepublic of Korea, remains interested in a trade deal with ASEAN as a whole,after talks were shelved in 2009. In the meantime, the bloc has concluded anagreement with Vietnam, is in negotiations with Indonesia and has held talkswith three other members.
The EU is Singapore's second biggest tradingpartner for goods and largest for services. For the EU, Singapore ranks 14thamong trading partners for goods and fourth for services. More than 10,000EU-based companies use Singapore as a hub for Southeast Asia.
The deal will lead to the removal of EUtariffs on Singaporean goods within five years and remove Singapore's fewcustoms duties for EU exports. It will see recognition in Singapore of EUstandards and safety tests in electronics, pharmaceuticals and car parts.
It will open up Singapore service sectorssuch as transport and telecoms to European businesses, who will also get betteraccess to contracts to supply the Singapore government.-VNA
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).
EU Ambassador to Singapore Michael Pulch has stressed that a strong EU-ASEAN partnership is strategically significant for both sides and intensified partnership will bear fruit for future generations.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Marina Bay in Singapore (Photo: AFP/VNA) 
