EU, Singapore clinch free-trade agreementDecember 17, 2012 - 14:52 AMT PanARMENIAN.Net - The EU and Singapore have clinched a free-trade agreement (FTA) - the second such deal between the 27-nation bloc and a major Asian trading partner, according to BBC News. Last year EU-Singapore trade was worth about 74bn euros ($97bn). Singapore is the second largest Asian investor in the EU after Japan. The EU Commission says the deal - not yet signed by politicians - will help EU exports of cars and financial services. An EU-South Korea FTA has been in operation since July 2011. The EU is Singapore's second biggest trade partner after neighboring Malaysia. The plan is to initial the FTA in early 2013. The EU is also conducting FTA negotiations with Malaysia and Vietnam - like Singapore, members of the 10-nation Association of Southeast Asian Nations (Asean). The new deal is expected to ease EU companies' access to Singapore's banking and financial services, and to its public procurement markets. Acceptance of common standards should also help European car exporters - among the sectors hit especially hard by the current economic downturn. The EU's trade surplus with Singapore last year was 8bn euros, with cars accounting for a big slice of the bloc's exports. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |