Trade and investment agreements are sent to the European Parliament for approval. The trade agreement could then enter into force before the current mandate of the European Commission expires in 2019, while the investment protection agreement will also follow ratification procedures at Member State level. The Partnership and Cooperation Agreement must be ratified by EU member states and submitted to the European Parliament before it enters into force. The Framework Agreement on Partnership and Cooperation signed by High Representative/Vice-President Federica Mogherini and her counterpart, Singapore`s Foreign Minister Vivian Balakrishnan will enable the EU and Singapore to strengthen political, economic and sectoral cooperation in a wide range of areas, including the environment, climate change, energy, education and culture, employment and social affairs, science and technology, transport, counter-terrorism and the fight against organised crime. It will improve cooperation on global challenges, in which Singapore and the EU play an increasingly important role, and help address them more coherently. The agreement provides for the establishment of a joint committee to ensure the smooth operation and implementation of the agreement. A Partnership and Cooperation Agreement (CPA) is a legally binding agreement between the EU and third countries. It is one of three types of international agreements. The EU works for the democratic and economic development of a country through a partnership and cooperation agreement. A PCA is usually concluded for a period of ten years, after which they are automatically renewed each year, unless no objections are raised. EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission Federica Mogherini said: “Today`s overwhelming majority of the positive vote in the European Parliament is good news for strengthening our relationship with Singapore. In today`s world, we need partners and friends.
Our new agreement will allow us to build on what we already have and to do more together to achieve our common goals, both on the bilateral agenda and in solving global challenges. European Commission Trade Commissioner Cecilia Malmstrom said: “In times of uncertainty, we need such agreements more than ever.