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Data: 24/10/2014
EU Trade News: Bangladesh, Singapore, East Africa Community
• Bangladesh
EU promoting more sustainable imports from Bangladesh
Since 2013, the Government of Bangladesh has made important progress to ensure respect of labour rights and factory safety in the ready-made garment and knitwear industry in Bangladesh, but a lot of work still remains to be done. This is the main conclusion of a stocktaking meeting organised in Brussels on 20 October 2014, by the European Commission and the International Labour Organization (ILO) in close collaboration with Bangladesh and the United States, which gathered over 120 participants, including representatives from Bangladesh’s garment industry, EU and US retailers and business associations, Bangladeshi and international trade unions, civil society at large and major donors.
The meeting reviewed the actions outlined in the Sustainability Compact, an agreement between the European Commission, Bangladesh and the US established in July 2013. The initiative aims to prevent further tragedies like the collapse of the Rana Plaza building that took more than 1,100 lives and left over 2,500 workers injured in April 2013.
For more information about areas still in need of improvement read the outcome document.
Read the press release
• Singapore
EU and Singapore conclude investment talks
The two parties concluded their negotiations on the investment part of the EU-Singapore Free Trade Agreement (EUSFTA). The other parts of the agreement were already signed in September 2013. The investment protection chapter will now be checked by both sides' lawyers (a process known as 'legal scrubbing') before talks are formally finalised. After the agreement has been translated into all 24 official EU languages the agreement will be signed and ratified by both parties.
There are over 10,000 European companies in Singapore, many of which use Singapore as a hub. The agreement will open the door for Europe to the ASEAN market with 600 million consumers. Bilateral trade is estimated at €46.7 billion.
Read the press release on the conclusion of the negotiations.
• East Africa Community
EU and East Africa Community agree comprehensive trade deal
The EU and the East African Community (Burundi, Kenya, Rwanda, Tanzania and Uganda) have agreed on a comprehensive trade deal. Known as an Economic Partnership Agreement (EPA), the agreement will provide legal certainty for business and open a long-term perspective for free and unlimited access to the EU market for exports from the five East African countries. It eliminates customs duties and also covers free movement of goods, cooperation on customs and taxation, and trade defence instruments. The agreement will now be presented for approval according to the domestic procedures of each partner.
In 2013, total trade between the EU and the East African Community amounted to €5.8 billion. EU imports from the EAC – mostly coffee, cut flowers, tea, tobacco, fish and vegetables – are worth €2.2 billion. EU exports to the EAC – mainly machinery and mechanical appliances, equipment and parts, vehicles and pharmaceutical products – amount to €3.5 billion.
Read the press release
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