EU Trade Commissioner Cecilia Malmstrom visited Singapore to attend the annual consultation between the EU Trade Commissioner and Economic Ministers of the member states of the Association of South East Asian Nations (ASEAN). 

The main objective of her visit was to advance EU economic cooperation with ASEAN, especially trade and investment relations as well as partnership on global issues at the multilateral level. EU and ASEAN countries reaffirmed their commitment to uphold free and open trade, and support for a rules-based, transparent, and non-discriminatory multilateral trading system. At the EU-ASEAN Business Summit, Cecilia Malmstrom said: 

It is no news that as a mood of protectionism takes hold in some places, the EU looks to its friends in Asia more and more. Friends who see the value of open economies. As a key economic pillar of the region, ASEAN is a natural partner. 

In addition, Cecilia Malmstrom's trip included individual meetings with ASEAN counterparts to discuss bilateral issues, particularly including ongoing trade negotiations. She met Singapore's Minister for Trade and Industry to discuss the ratification of the trade and investment agreement between Singapore and EU. Singapore is the EU's largest trading partner in the ASEAN region. In 2017, bilateral trade grew 5.6% year-on-year to S$98.4 billion, making up slightly more than 10% of Singapore's total trade. 

Free trade agreement aims to progressively eliminate custom duties on all qualifying goods and to provide investors and service providers with greater protection and access to each other's markets. Negotiations on the EU-Singapore Free Trade (EUSFTA) agreement were concluded in October 2014. However, in 2015, the European Commission requested the opinion of the Court of Justice of the EU (CJEU) on the competence for conclusion of the EUSFTA. 

The CJEU in its opinion, delivered on 16 May 2017, found that EUSFTA covers areas of shared competences. Thus, EUSFTA should be concluded as a mixed agreement and ratification by both the EU and its member states is required. Following the opinion of CJEU, both sides have been making efforts to ratify the agreement swiftly. 

Singapore's Minister for Trade and Industry Lim Hng Kiang said: 

We welcome the good news that the agreement is moving forward. This is an important step towards closer relations with the EU, which is our third largest trading partner and largest investor in Singapore. Together with Commissioner Malmstrom, we will work to ensure that both Singapore and EU companies can reap the benefits of the agreement as soon as possible.

The agreement is expected to be sent to the Council and thereafter to the European Parliament for approval. When concluded, the agreement will be the first trade deal between the EU and an ASEAN member state.