BETA


2018/0095(NLE) EU/Singapore Investment Protection Agreement

Progress: Awaiting final decision

RoleCommitteeRapporteurShadows
Lead INTA MARTIN David (icon: S&D S&D) KELLY Seán (icon: PPE PPE), KAMALL Syed (icon: ECR ECR), TREMOSA I BALCELLS Ramon (icon: ALDE ALDE), MINEUR Anne-Marie (icon: GUE/NGL GUE/NGL), JADOT Yannick (icon: Verts/ALE Verts/ALE), BEGHIN Tiziana (icon: EFDD EFDD)
Lead committee dossier:
Legal Basis:
TFEU 207, TFEU 218-p6a

Events

2019/02/13
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 436 votes to 203, with 30 abstentions, a legislative resolution on the draft Council decision on the conclusion on behalf of the European Union of the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Republic of Singapore, of the other part.

Parliament gave its consent to conclusion of the agreement. It also adopted a non-legislative resolution on the draft Council Decision on the conclusion of the agreement.

Documents
2019/02/12
   EP - Debate in Parliament
2019/01/30
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on International Trade adopted the report by David MARTIN (S&D, UK) on the draft Council decision on the conclusion on behalf of the European Union of the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Republic of Singapore, of the other part.

The committee recommended that the European Parliament give its consent to conclusion of the agreement.

The agreement aims to enhance the investment climate between the two parties. It will ensure a high level of investment protection, while safeguarding the EU’s and Singapore’s rights to regulate and pursue legitimate public policy objectives such as the protection of public health, safety and the environment.

It is important to highlight that this agreement will replace the existing bilateral investment treaties between 13 EU Member States and Singapore. Such treaties are based on outdated investment protection provisions and feature the controversial investor-state dispute settlement (ISDS).

However, regrettably, the agreement still misses provisions on investors’ obligations which should be strengthened according to Members.

Documents
2019/01/24
   EP - Vote in committee, 1st reading/single reading
2018/11/13
   EP - Amendments tabled in committee
Documents
2018/10/22
   EP - Committee referral announced in Parliament, 1st reading/single reading
2018/10/16
   EP - Committee draft report
Documents
2018/09/18
   CSL - Document attached to the procedure
Documents
2018/09/18
   EC - Legislative proposal published
Details

PURPOSE: to approve the conclusion, on behalf of the Union, of the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Republic of Singapore, of the other part.

PROPOSED ACT: Council Decision.

ROLE OF THE EUROPEAN PARLIAMENT: the Council can adopt the act only if the European Parliament has approved it.

BACKGROUND: in accordance with a Council decision, a Free Trade Agreement (FTA) between the European Union and the Republic of Singapore has been signed.

The fast-growing Southeast Asian economies, with their 600 million consumers and a rapidly rising middle class, are key markets for European Union exporters and investors. With a total EUR 208 billion of trade in goods and EUR 77 billion of trade in services (2016), the Association of Southeast Asian Nations (ASEAN) taken as a whole is the EU’s third largest trading partner outside Europe, after the US and China.

Within the ASEAN, Singapore is by far the EU’s largest trade partner , accounting for just under a third of EU-ASEAN trade in goods and services and about two-thirds of investment between the two regions.

CONTENT: the Council's draft decision aims at approving, on behalf of the Union, the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Republic of Singapore, of the other part. The Agreement aims to enhance the investment climate between the two parties. It will ensure a high level of investment protection, while safeguarding the EU’s and Singapore’s rights to regulate and pursue legitimate public policy objectives such as the protection of public health, safety and the environment.

In accordance with the objectives set by the negotiating directives, the IPA:

ensures that EU investors and their investments in Singapore will be granted fair and equitable treatment and not be discriminated against compared to Singaporean investments that are in like situations; protects EU investors and their investments in Singapore from expropriation , unless it is for public purposes, in accordance with due process, on a non-discriminatory basis and against payment of prompt, adequate, and effective compensation according to fair market value of the expropriated investment; offer investors the option of a modern and reformed investment dispute resolution mechanism and sets up a standing international and fully independent dispute resolution system, consisting of permanent First Instance and Appeal Tribunals that will conduct dispute settlement proceedings in a transparent and impartial manner

The EU-Singapore FTA and IPA include institutional provisions that lay down a structure for implementing bodies to continuously monitor the implementation, operation and impact of the agreements. The agreements are an integral part of the overall bilateral relation between the EU and Singapore as governed by the Partnership and Cooperation Agreement (PCA), and the structures mentioned will form part of a common institutional framework with the PCA.

Documents
2018/05/16
   EP - Responsible Committee
2018/04/18
   EC - Document attached to the procedure
2018/04/18
   EC - Initial legislative proposal published
Details

PURPOSE: to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

PROPOSED ACT: Council Decision.

ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act.

BACKGROUND: the dynamically growing Southeast Asian economies, with their over 600 million consumers and a rapidly rising middle class, are key markets for European Union exporters and investors. With a total EUR 208 billion of trade in goods and EUR 77 billion of trade in services (2016), the Association of Southeast Asian Nations (ASEAN) taken as a whole is the EU’s third largest trading partner outside Europe, after the US and China.

At the same time, a total EUR 263 billion foreign direct investment stock (2016) in the ASEAN makes the EU the first foreign direct investor in the ASEAN, while the ASEAN as a whole is in its turn the second largest Asian foreign direct investor in the EU – with a total foreign direct investment stock of EUR 116 billion (2016).

Within the ASEAN, Singapore is by far the EU’s largest partner, accounting for slightly under one-third of EU-ASEAN trade in goods and services, and roughly two-thirds of investments between the two regions. Over 10 000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific Rim.

On 23 April 2007, the Council authorised the Commission to enter into negotiations for a region-to-region Free Trade Agreement (FTA) with Member States of the ASEAN. On 12 September 2011, the Council authorised the Commission to extend the on-going negotiations with Singapore to cover also investment protection, based on a new EU competence under the Lisbon Treaty.

On the basis of the negotiating directives adopted by the Council in 2007, and supplemented in 2011 to include investment protection, the Commission has negotiated with Singapore an ambitious and comprehensive FTA and an Investment Protection Agreement (IPA), with a view to creating new opportunities and legal certainty for trade and investment between both partners to develop.

From the date of its entry into force, the EU-Singapore IPA will replace and supersede the bilateral investment treaties between the Republic of Singapore and EU Member States that are listed in the IPA.

CONTENT: the Commission called on the Council to adopt the Decision to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

Main aim of the IPA : it aims to:

enhance the investment climate between the EU and Singapore; bring benefits to European investors by ensuring a high level protection of their investments in Singapore, while at the same time safeguarding the EU’s rights to regulate and pursue legitimate public policy objectives such as the protection of public health, safety and the environment; protect EU investors and their investments in Singapore from expropriation, unless it is for public purposes, in accordance with due process, on a non-discriminatory basis and against payment of prompt, adequate, and effective compensation according to fair market value of the expropriated investment; offer investors the option of a modern and reformed investment dispute resolution mechanism. This system ensures that investment protection rules are adhered to and seeks to strike a balance between protecting investors in a transparent manner and safeguarding the right of a State to regulate in order to pursue public policy objectives; set up a standing international and fully independent dispute resolution system , consisting of permanent First Instance and Appeal Tribunals that will conduct dispute settlement proceedings in a transparent and impartial manner.

In line with the objectives set by the negotiating directives, the Commission secured the following:

liberalisation of services : the FTA includes the comprehensive liberalisation of services and investment markets, including cross-cutting rules on licensing and for the mutual recognition of diplomas, and sector specific rules designed to ensure a level playing field for EU businesses; procurement : it also lays down new tendering opportunities for EU bidders, and especially in the utilities market where there are many leading EU suppliers; trade barriers : the FTA removes technical and regulatory trade barriers to trade in goods, such as duplicative testing, in particular by promoting the use of technical and regulatory standards familiar in the EU in the sectors of motor vehicles, electronics, pharmaceuticals and medical devices as well as green technologies. Based on international standards, a more trade-facilitative regime for the approval of European meat exports to Singapore. Singapore’s commitment not to raise its tariffs (which are currently mostly not applied on a voluntary basis) on imports from the EU, as well as cheaper access of European businesses and consumers to products made in Singapore; GI protection : a TRIPs-plus level of protection to EU GIs following their registration in Singapore once Singapore has established a GI register has been proposed; sustainable development : the FTA includes a comprehensive chapter on trade and sustainable development, which aims at ensuring that trade supports environmental protection and social development and promotes the sustainable management of forests and fisheries. The chapter also sets out how social partners and civil society will be involved in its implementation and monitoring; dispute mechanism : a swift dispute resolution mechanisms is proposed through either panel arbitration or with the help of a mediator.

Committee : the institutional chapter of the IPA establishes a committee with the main task to supervise and facilitate the implementation and application of the agreement. Among other tasks, the committee may, subject to the completion of each side’s respective legal requirements and procedures, decide to appoint the Members of the ICS Tribunals, fix their monthly retainer and fees, and adopt binding interpretations of the agreement.

BUDGETARY IMPLICATIONS: the EU-Singapore FTA will have a financial impact on the EU budget on the side of the revenues . It is estimated that foregone duties could reach an amount of EUR 248.8 million upon full implementation of the agreement. The estimate is based on average imports projected for 2025 in the absence of an agreement and represents the annual loss in revenues resulting from the elimination of EU tariffs on imports from Singapore. The EU-Singapore IPA is expected to have a financial impact on the EU budget on the side of the expenditures . The agreement will be the EU’s second (after the EU-Canada Comprehensive Economic and Trade Agreement) to incorporate the Investment Court System (ICS) for the resolution of disputes between investors and states. An amount of EUR 200 000 of additional yearly expenditure is foreseen from 2018 onwards (subject to the entry into force of the agreement) to finance the permanent structure comprising a First Instance and an Appeal Tribunal.

Documents

Votes

A8-0054/2019 - David Martin - Vote: procédure d'approbation 13/02/2019 12:10:54.000

2019/02/13 Outcome: +: 436, -: 203, 0: 30
PL GB ES RO DE BG SK HR FI CZ HU DK PT LT MT NL LV BE LU EE SE SI EL IE CY ?? AT IT FR
Total
46
63
51
28
84
16
12
11
12
19
13
12
20
10
6
25
8
18
6
4
16
8
15
7
2
1
18
66
72
icon: PPE PPE
195

United Kingdom PPE

2

Denmark PPE

For (1)

1

Belgium PPE

4

Luxembourg PPE

3

Estonia PPE

For (1)

1
5
icon: ALDE ALDE
64

United Kingdom ALDE

1

Romania ALDE

2

Germany ALDE

Abstain (1)

4

Croatia ALDE

2

Denmark ALDE

2

Portugal ALDE

1

Latvia ALDE

1

Luxembourg ALDE

For (1)

1

Estonia ALDE

2

Sweden ALDE

2

Slovenia ALDE

For (1)

1

Ireland ALDE

Abstain (1)

1

Austria ALDE

For (1)

1
icon: ECR ECR
63

Romania ECR

For (1)

1

Bulgaria ECR

1

Croatia ECR

For (1)

1
2

Czechia ECR

2

Lithuania ECR

1

Netherlands ECR

2

Latvia ECR

For (1)

1

Greece ECR

Against (1)

1
icon: S&D S&D
168

Croatia S&D

2

Czechia S&D

For (1)

Against (2)

3

Hungary S&D

1

Malta S&D

3

Netherlands S&D

For (1)

Against (2)

3

Latvia S&D

Abstain (1)

1

Belgium S&D

3

Luxembourg S&D

For (1)

1

Sweden S&D

Against (1)

Abstain (1)

5

Slovenia S&D

Against (1)

1

Ireland S&D

Against (1)

1

Cyprus S&D

For (1)

1
icon: EFDD EFDD
35

Poland EFDD

1

Germany EFDD

Abstain (1)

1

Czechia EFDD

For (1)

1

Lithuania EFDD

Against (1)

1
icon: NI NI
18

Poland NI

Abstain (1)

3

United Kingdom NI

For (1)

Against (1)

Abstain (1)

3

Germany NI

2

Hungary NI

2

Denmark NI

1

NI

Abstain (1)

1

France NI

2
icon: ENF ENF
36

Poland ENF

2

United Kingdom ENF

Against (1)

4

Germany ENF

Against (1)

1

Netherlands ENF

3

Belgium ENF

Against (1)

1
icon: GUE/NGL GUE/NGL
43

United Kingdom GUE/NGL

Against (1)

1

Finland GUE/NGL

Against (1)

1

Denmark GUE/NGL

Against (1)

1

Netherlands GUE/NGL

3

Sweden GUE/NGL

Against (1)

1

Ireland GUE/NGL

2

Cyprus GUE/NGL

Against (1)

1

Italy GUE/NGL

2
icon: Verts/ALE Verts/ALE
47

United Kingdom Verts/ALE

5

Croatia Verts/ALE

For (1)

1

Hungary Verts/ALE

2

Denmark Verts/ALE

Against (1)

1

Lithuania Verts/ALE

Abstain (1)

1

Netherlands Verts/ALE

2

Latvia Verts/ALE

Against (1)

1

Belgium Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Estonia Verts/ALE

For (1)

1

Sweden Verts/ALE

4

Slovenia Verts/ALE

Against (1)

1

Austria Verts/ALE

3

Italy Verts/ALE

Against (1)

1
AmendmentsDossier
7 2018/0095(NLE)
2018/11/12 INTA 7 amendments...
source: 630.487

History

(these mark the time of scraping, not the official date of the change)

activities
  • date
    2018-04-18T00:00:00
    docs
    • url
      http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0194/COM_COM(2018)0194_EN.pdf
      text
      • PURPOSE: to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

        PROPOSED ACT: Council Decision.

        ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act.

        BACKGROUND: the dynamically growing Southeast Asian economies, with their over 600 million consumers and a rapidly rising middle class, are key markets for European Union exporters and investors. With a total EUR 208 billion of trade in goods and EUR 77 billion of trade in services (2016), the Association of Southeast Asian Nations (ASEAN) taken as a whole is the EU’s third largest trading partner outside Europe, after the US and China.

        At the same time, a total EUR 263 billion foreign direct investment stock (2016) in the ASEAN makes the EU the first foreign direct investor in the ASEAN, while the ASEAN as a whole is in its turn the second largest Asian foreign direct investor in the EU – with a total foreign direct investment stock of EUR 116 billion (2016). 

        Within the ASEAN, Singapore is by far the EU’s largest partner, accounting for slightly under one-third of EU-ASEAN trade in goods and services, and roughly two-thirds of investments between the two regions. Over 10 000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific Rim.

        On 23 April 2007, the Council authorised the Commission to enter into negotiations for a region-to-region Free Trade Agreement (FTA) with Member States of the ASEAN. On 12 September 2011, the Council authorised the Commission to extend the on-going negotiations with Singapore to cover also investment protection, based on a new EU competence under the Lisbon Treaty.

        On the basis of the negotiating directives adopted by the Council in 2007, and supplemented in 2011 to include investment protection, the Commission has negotiated with Singapore an ambitious and comprehensive FTA and an Investment Protection Agreement (IPA), with a view to creating new opportunities and legal certainty for trade and investment between both partners to develop.

        From the date of its entry into force, the EU-Singapore IPA will replace and supersede the bilateral investment treaties between the Republic of Singapore and EU Member States that are listed in the IPA. 

        CONTENT: the Commission called on the Council to adopt the Decision to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

        Main aim of the IPA: it aims to:

        • enhance the investment climate between the EU and Singapore;
        • bring benefits to European investors by ensuring a high level protection of their investments in Singapore, while at the same time safeguarding the EU’s rights to regulate and pursue legitimate public policy objectives such as the protection of public health, safety and the environment;
        • protect EU investors and their investments in Singapore from expropriation, unless it is for public purposes, in accordance with due process, on a non-discriminatory basis and against payment of prompt, adequate, and effective compensation according to fair market value of the expropriated investment;
        • offer investors the option of a modern and reformed investment dispute resolution mechanism. This system ensures that investment protection rules are adhered to and seeks to strike a balance between protecting investors in a transparent manner and safeguarding the right of a State to regulate in order to pursue public policy objectives;
        • set up a standing international and fully independent dispute resolution system, consisting of permanent First Instance and Appeal Tribunals that will conduct dispute settlement proceedings in a transparent and impartial manner.

        In line with the objectives set by the negotiating directives, the Commission secured the following:

        • liberalisation of services: the FTA includes the comprehensive liberalisation of services and investment markets, including cross-cutting rules on licensing and for the mutual recognition of diplomas, and sector specific rules designed to ensure a level playing field for EU businesses;
        • procurement: it also lays down new tendering opportunities for EU bidders, and especially in the utilities market where there are many leading EU suppliers;
        • trade barriers: the FTA removes technical and regulatory trade barriers to trade in goods, such as duplicative testing, in particular by promoting the use of technical and regulatory standards familiar in the EU in the sectors of motor vehicles, electronics, pharmaceuticals and medical devices as well as green technologies. Based on international standards, a more trade-facilitative regime for the approval of European meat exports to Singapore. Singapore’s commitment not to raise its tariffs (which are currently mostly not applied on a voluntary basis) on imports from the EU, as well as cheaper access of European businesses and consumers to products made in Singapore;
        • GI protection: a TRIPs-plus level of protection to EU GIs following their registration in Singapore once Singapore has established a GI register has been proposed;
        • sustainable development: the FTA includes a comprehensive chapter on trade and sustainable development, which aims at ensuring that trade supports environmental protection and social development and promotes the sustainable management of forests and fisheries. The chapter also sets out how social partners and civil society will be involved in its implementation and monitoring;
        • dispute mechanism: a swift dispute resolution mechanisms is proposed through either panel arbitration or with the help of a mediator.

        Committee: the institutional chapter of the IPA establishes a committee with the main task to supervise and facilitate the implementation and application of the agreement. Among other tasks, the committee may, subject to the completion of each side’s respective legal requirements and procedures, decide to appoint the Members of the ICS Tribunals, fix their monthly retainer and fees, and adopt binding interpretations of the agreement.

        BUDGETARY IMPLICATIONS: the EU-Singapore FTA will have a financial impact on the EU budget on the side of the revenues. It is estimated that foregone duties could reach an amount of EUR 248.8 million upon full implementation of the agreement. The estimate is based on average imports projected for 2025 in the absence of an agreement and represents the annual loss in revenues resulting from the elimination of EU tariffs on imports from Singapore. The EU-Singapore IPA is expected to have a financial impact on the EU budget on the side of the expenditures. The agreement will be the EU’s second (after the EU-Canada Comprehensive Economic and Trade Agreement) to incorporate the Investment Court System (ICS) for the resolution of disputes between investors and states. An amount of EUR 200 000 of additional yearly expenditure is foreseen from 2018 onwards (subject to the entry into force of the agreement) to finance the permanent structure comprising a First Instance and an Appeal Tribunal.

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  • PURPOSE: to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

    PROPOSED ACT: Council Decision.

    ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act.

    BACKGROUND: the dynamically growing Southeast Asian economies, with their over 600 million consumers and a rapidly rising middle class, are key markets for European Union exporters and investors. With a total EUR 208 billion of trade in goods and EUR 77 billion of trade in services (2016), the Association of Southeast Asian Nations (ASEAN) taken as a whole is the EU’s third largest trading partner outside Europe, after the US and China.

    At the same time, a total EUR 263 billion foreign direct investment stock (2016) in the ASEAN makes the EU the first foreign direct investor in the ASEAN, while the ASEAN as a whole is in its turn the second largest Asian foreign direct investor in the EU – with a total foreign direct investment stock of EUR 116 billion (2016). 

    Within the ASEAN, Singapore is by far the EU’s largest partner, accounting for slightly under one-third of EU-ASEAN trade in goods and services, and roughly two-thirds of investments between the two regions. Over 10 000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific Rim.

    On 23 April 2007, the Council authorised the Commission to enter into negotiations for a region-to-region Free Trade Agreement (FTA) with Member States of the ASEAN. On 12 September 2011, the Council authorised the Commission to extend the on-going negotiations with Singapore to cover also investment protection, based on a new EU competence under the Lisbon Treaty.

    On the basis of the negotiating directives adopted by the Council in 2007, and supplemented in 2011 to include investment protection, the Commission has negotiated with Singapore an ambitious and comprehensive FTA and an Investment Protection Agreement (IPA), with a view to creating new opportunities and legal certainty for trade and investment between both partners to develop.

    From the date of its entry into force, the EU-Singapore IPA will replace and supersede the bilateral investment treaties between the Republic of Singapore and EU Member States that are listed in the IPA. 

    CONTENT: the Commission called on the Council to adopt the Decision to conclude the Investment Protection Agreement between the European Union and its Member States, of the one part, and Singapore of the other part.

    Main aim of the IPA: it aims to:

    • enhance the investment climate between the EU and Singapore;
    • bring benefits to European investors by ensuring a high level protection of their investments in Singapore, while at the same time safeguarding the EU’s rights to regulate and pursue legitimate public policy objectives such as the protection of public health, safety and the environment;
    • protect EU investors and their investments in Singapore from expropriation, unless it is for public purposes, in accordance with due process, on a non-discriminatory basis and against payment of prompt, adequate, and effective compensation according to fair market value of the expropriated investment;
    • offer investors the option of a modern and reformed investment dispute resolution mechanism. This system ensures that investment protection rules are adhered to and seeks to strike a balance between protecting investors in a transparent manner and safeguarding the right of a State to regulate in order to pursue public policy objectives;
    • set up a standing international and fully independent dispute resolution system, consisting of permanent First Instance and Appeal Tribunals that will conduct dispute settlement proceedings in a transparent and impartial manner.

    In line with the objectives set by the negotiating directives, the Commission secured the following:

    • liberalisation of services: the FTA includes the comprehensive liberalisation of services and investment markets, including cross-cutting rules on licensing and for the mutual recognition of diplomas, and sector specific rules designed to ensure a level playing field for EU businesses;
    • procurement: it also lays down new tendering opportunities for EU bidders, and especially in the utilities market where there are many leading EU suppliers;
    • trade barriers: the FTA removes technical and regulatory trade barriers to trade in goods, such as duplicative testing, in particular by promoting the use of technical and regulatory standards familiar in the EU in the sectors of motor vehicles, electronics, pharmaceuticals and medical devices as well as green technologies. Based on international standards, a more trade-facilitative regime for the approval of European meat exports to Singapore. Singapore’s commitment not to raise its tariffs (which are currently mostly not applied on a voluntary basis) on imports from the EU, as well as cheaper access of European businesses and consumers to products made in Singapore;
    • GI protection: a TRIPs-plus level of protection to EU GIs following their registration in Singapore once Singapore has established a GI register has been proposed;
    • sustainable development: the FTA includes a comprehensive chapter on trade and sustainable development, which aims at ensuring that trade supports environmental protection and social development and promotes the sustainable management of forests and fisheries. The chapter also sets out how social partners and civil society will be involved in its implementation and monitoring;
    • dispute mechanism: a swift dispute resolution mechanisms is proposed through either panel arbitration or with the help of a mediator.

    Committee: the institutional chapter of the IPA establishes a committee with the main task to supervise and facilitate the implementation and application of the agreement. Among other tasks, the committee may, subject to the completion of each side’s respective legal requirements and procedures, decide to appoint the Members of the ICS Tribunals, fix their monthly retainer and fees, and adopt binding interpretations of the agreement.

    BUDGETARY IMPLICATIONS: the EU-Singapore FTA will have a financial impact on the EU budget on the side of the revenues. It is estimated that foregone duties could reach an amount of EUR 248.8 million upon full implementation of the agreement. The estimate is based on average imports projected for 2025 in the absence of an agreement and represents the annual loss in revenues resulting from the elimination of EU tariffs on imports from Singapore. The EU-Singapore IPA is expected to have a financial impact on the EU budget on the side of the expenditures. The agreement will be the EU’s second (after the EU-Canada Comprehensive Economic and Trade Agreement) to incorporate the Investment Court System (ICS) for the resolution of disputes between investors and states. An amount of EUR 200 000 of additional yearly expenditure is foreseen from 2018 onwards (subject to the entry into force of the agreement) to finance the permanent structure comprising a First Instance and an Appeal Tribunal.

activities/0/commission/0
DG
Commissioner
MALMSTRÖM Cecilia
other/0
body
EC
dg
commissioner
MALMSTRÖM Cecilia
activities
  • date
    2018-04-18T00:00:00
    docs
    • url
      http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0194/COM_COM(2018)0194_EN.pdf
      celexid
      CELEX:52018PC0194:EN
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      Legislative proposal published
      title
      COM(2018)0194
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    EC
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      Legislative proposal published
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    • body
      EP
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      True
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      International Trade
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      INTA
    links
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      geographical_area
      • Singapore
      reference
      2018/0095(NLE)
      title
      EU/Singapore Investment Protection Agreement
      legal_basis
      stage_reached
      Preparatory phase in Parliament
      subtype
      Consent by Parliament
      type
      NLE - Non-legislative enactments
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