ASEAN and the European Union

In 2012, Singapore became the first ASEAN country to conclude FTA negotiations with the EU. The FTA, which has yet to be ratified, will allow duty-free access on all EU imports into Singapore as well as gradually abolishes tariffs on all Singaporean products imported into the EU by 2017.

Growing trade relations over time has placed ASEAN as the EU’s third largest trading partner while the EU is ASEAN’s fifth largest. The EU is also ASEAN’s largest foreign investor. 

Negotiations are currently underway for proposed FTAs between the EU and Malaysia, Vietnam and Thailand and might form the basis of a rejuvenated ASEAN-EU FTA in the future especially since EU has lifted the last of its individual, trade and economic sanctions against Myanmar.