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BRUSSELS: Amid brewing trade tensions, the newly signed trade pact between Singapore and the European Union, said Singapore's Prime Minister Lee Hens Loong on Friday (Oct 19).
He also hopes that this will continue and continue to uphold the rules-based multilateral system, which he says has benefited all countries.
Mr Lee was speaking to the Singapore media shortly after signing the EU-Singapore Free Trade Agreement (EUSFTA) in Brussels.
READ: Singapore, EU ink landmark free trade agreement
The Prime Minister has had a busy schedule, starting with a one-day official visit to Vienna where he witnessed the signing of a memorandum of understanding. He then flew to Brussels on Thursday morning to attend the two-day Asia-Europe Meeting and held a string of bilateral meetings on the sidelines.
When asked about the mood among European leaders given the summit coincided with Brexit talks this week, Mr Lee said the departure of Britain from the 28-member European bloc is a "difficult separation" hence negotiations thus far have yielded no conclusion.
"But both sides would like to work something out. I hope they will. "
Mr Lee added that he has told British Prime Minister Theresa May that Singapore can extend the terms of the EUSFTA to the UK for a separate trade deal post-Brexit.
"What I told Theresa May is that after Britain leaves, what we agreed with the EU we would be happy to apply to Britain in the first instance. Then we have time to work on a more definitive arrangement with UK later on. "
She also said that she is interested in joining the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Mr Lee.
"From Singapore's point of view, we are happy with that," he said. "The terms have been worked out, and if they are prepared for an additional partner, it does not cost any competitive difficulties for us."
CPTPP member nations – a move that Singapore is "quite supportive" of, added Mr Lee.
READ: Singapore inks new TPP trade with other countries – 5 things to know about the CPTPP
Other European countries, particularly those of the central and eastern parts of the region, are also keen on developing bilateral economic relations with Singapore.
"They are not just a country, but a little bit of a model for them because they are smaller countries." Therefore they are trying to look at the world and I encourage them to see Singapore as a way to explore possibilities in the Far East, "said Mr Lee, referring to his meetings with leaders of Poland and Croatia, for instance, on the sidelines of the Asia-Europe Meeting.
Even though trade volumes with these countries are not substantial, Mr Lee stressed there is potential.
"These countries have quite a lot of technology, and they are young countries," he said. "So we are keen to make friends."
MORE COOPERATION BETWEEN EU, ASEAN
Moving forward, Mr Lee said he hopes the EUSFTA will be able to widen the way for a wider trade deal between the European bloc and the Association of Southeast Asian Nations (ASEAN), though discussions remain in early stages.
READ: PM Lee calls on Asia, Europe's leaders to strengthen multilateral system
On the other hand, the Comprehensive Air Transport Agreement – a block-to-block aviation agreement that would connect more than 1 billion people living in the two regions – is in "much more advanced stages" with hopes for a deal by this year.
There is also interest in climate change, Smart Nation initiatives and even people-to-people exchanges, making up "quite a rich agenda", he said.
Nonetheless, there are differences. For instance, the EU sees connectivity with a sustainable perspective, and focuses on gender and equality issues.
Said Mr Lee: "It's not quite the same as the Asian perspective or the ASEAN perspective, but it's something I think we can work with."
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